EXHIBIT 4.2
CREDIT AGREEMENT
dated as of
November 17, 2000
among
ENTERPRISE PRODUCTS OPERATING L.P.
The Lenders Party Hereto
FIRST UNION NATIONAL BANK,
as Administrative Agent
BANK ONE, NA,
as Documentation Agent
THE CHASE MANHATTAN BANK,
as Syndication Agent
------------------------------
FIRST UNION SECURITIES, INC.
and
CHASE SECURITIES INC.,
as Joint Lead Arrangers and Joint Book Managers
Multi-Year Revolving Credit Facility
TABLE OF CONTENTS
Page
ARTICLE I
Definitions............................................................................ 1
SECTION 1.01. Defined Terms........................................................... 1
SECTION 1.02. Classification of Loans and Borrowings.................................. 16
SECTION 1.03. Terms Generally......................................................... 16
SECTION 1.04. Accounting Terms; GAAP.................................................. 16
ARTICLE II
The Credits............................................................................ 17
SECTION 2.01. Commitments............................................................. 17
SECTION 2.02. Loans and Borrowings.................................................... 17
SECTION 2.03. Requests for Revolving Borrowings....................................... 18
SECTION 2.04. Competitive Bid Procedure............................................... 19
SECTION 2.05. Swingline Loans......................................................... 20
SECTION 2.06. Letters of Credit....................................................... 21
SECTION 2.07. Funding of Borrowings................................................... 25
SECTION 2.08. Interest Elections...................................................... 25
SECTION 2.09. Termination and Reduction of Commitments................................ 26
SECTION 2.10. Repayment of Loans; Evidence of Debt.................................... 27
SECTION 2.11. Prepayment of Loans..................................................... 27
SECTION 2.12. Fees.................................................................... 28
SECTION 2.13. Interest................................................................ 29
SECTION 2.14. Alternate Rate of Interest.............................................. 30
SECTION 2.15. Increased Costs......................................................... 31
SECTION 2.16. Break Funding Payments.................................................. 32
SECTION 2.17. Taxes................................................................... 32
SECTION 2.18. Payments Generally; Pro Rata Treatment; Sharing of Set-offs............. 33
SECTION 2.19. Mitigation Obligations; Replacement of Lenders.......................... 35
ARTICLE III
Representations and Warranties......................................................... 35
SECTION 3.01. Organization; Powers.................................................... 35
SECTION 3.02. Authorization; Enforceability........................................... 36
SECTION 3.03. Governmental Approvals; No Conflicts.................................... 36
SECTION 3.04. Financial Condition; No Material Adverse Change......................... 36
SECTION 3.05. Intentionally Omitted................................................... 36
SECTION 3.06. Litigation and Environmental Matters.................................... 36
SECTION 3.07. Compliance with Laws.................................................... 37
SECTION 3.08. Investment and Holding Company Status................................... 37
SECTION 3.09. Taxes................................................................... 37
SECTION 3.10. ERISA................................................................... 37
SECTION 3.11. Disclosure.............................................................. 37
SECTION 3.12. Subsidiaries............................................................ 37
SECTION 3.13. Margin Securities....................................................... 37
i
ARTICLE IV
Conditions............................................................................. 38
SECTION 4.01. Effective Date.......................................................... 38
SECTION 4.02. Each Credit Event....................................................... 39
ARTICLE V
Affirmative Covenants.................................................................. 39
SECTION 5.01. Financial Statements and Other Information.............................. 39
SECTION 5.02. Notices of Material Events.............................................. 40
SECTION 5.03. Existence; Conduct of Business.......................................... 40
SECTION 5.04. Intentionally Omitted................................................... 40
SECTION 5.05. Maintenance of Properties; Insurance.................................... 40
SECTION 5.06. Books and Records; Inspection Rights.................................... 41
SECTION 5.07. Compliance with Laws.................................................... 41
SECTION 5.08. Use of Proceeds and Letters of Credit................................... 41
SECTION 5.09. Environmental Matters................................................... 41
SECTION 5.10. ERISA Information....................................................... 41
SECTION 5.11. Taxes................................................................... 42
ARTICLE VI
Negative Covenants..................................................................... 42
SECTION 6.01. Indebtedness............................................................ 42
SECTION 6.02. Liens................................................................... 43
SECTION 6.03. Fundamental Changes..................................................... 43
SECTION 6.04. Investment Restriction.................................................. 43
SECTION 6.05. Restricted Payments..................................................... 43
SECTION 6.06. Restrictive Agreements.................................................. 44
SECTION 6.07. Financial Condition Covenants........................................... 44
ARTICLE VII
Events of Default...................................................................... 44
ARTICLE VIII
The Administrative Agent............................................................... 46
ARTICLE IX
Miscellaneous.......................................................................... 48
SECTION 9.01. Notices................................................................. 48
SECTION 9.02. Waivers; Amendments..................................................... 49
SECTION 9.03. Expenses; Indemnity; Damage Waiver...................................... 50
SECTION 9.04. Successors and Assigns.................................................. 51
SECTION 9.05. Survival................................................................ 53
SECTION 9.06. Counterparts; Integration; Effectiveness................................ 53
SECTION 9.07. Severability............................................................ 53
SECTION 9.08. Right of Setoff......................................................... 53
SECTION 9.09. Governing Law; Jurisdiction; Consent to Service of Process.............. 54
SECTION 9.10. WAIVER OF JURY TRIAL.................................................... 54
SECTION 9.11. Headings................................................................ 54
SECTION 9.12. Confidentiality......................................................... 54
SECTION 9.13. Interest Rate Limitation................................................ 55
SECTION 9.14. Liability of General Partner............................................ 55
SECTION 9.15. Existing $350,000,000 Chase Credit Facility............................. 55
ii
SCHEDULES:
Schedule 1.01 -- Existing Letters of Credit
Schedule 2.01 -- Commitments
Schedule 3.06 -- Disclosed Matters
Schedule 3.12 -- Subsidiaries
Schedule 6.01 -- Existing Indebtedness Schedule 6.06 -- Existing Restrictions
EXHIBITS:
Exhibit A -- Form of Assignment and Acceptance
Exhibit B -- Form of Borrowing Request
Exhibit C -- Form of Competitive Bid Request
Exhibit D -- Form of Interest Election Request
Exhibit E -- Form of Opinion of Borrower's and Guarantor's Counsel
Exhibit F -- Form of Compliance Certificate
Exhibit G -- Form of Revolving Loan Note
Exhibit H -- Form of Competitive Loan Note
Exhibit I -- Form of Swingline Loan Note
iii
CREDIT AGREEMENT dated as of November 17, 2000, among ENTERPRISE PRODUCTS
OPERATING L.P., a Delaware limited partnership; the LENDERS party hereto; FIRST
UNION NATIONAL BANK, as Administrative Agent, Issuing Bank and Swingline Lender;
BANK ONE, NA, as Documentation Agent; and THE CHASE MANHATTAN BANK, as
Syndication Agent.
The parties hereto agree as follows:
ARTICLE I
Definitions
SECTION 1.01. Defined Terms. As used in this Agreement, the
following terms have the meanings specified below:
"ABR", when used in reference to any Loan or Borrowing, refers to
a Loan, or Loans, in the case of a Borrowing, which bear interest at a rate
determined by reference to the Alternate Base Rate.
"Administrative Agent" means First Union National Bank, in its
capacity as administrative agent for the Lenders hereunder.
"Administrative Questionnaire" means an Administrative
Questionnaire in a form supplied by the Administrative Agent.
"Affiliate" means, with respect to a specified Person, another
Person that directly, or indirectly through one or more intermediaries, Controls
or is Controlled by or is under common Control with the Person specified.
"Agreement" means this Credit Agreement dated November 17, 2000,
among Enterprise Products Operating L.P., a Delaware limited partnership; the
Lenders party hereto; First Union National Bank, as Administrative Agent,
Issuing Bank and Swingline Lender; Bank One, NA, as Documentation Agent; and The
Chase Manhattan Bank, as Syndication Agent, as amended, extended or otherwise
modified from time to time.
"Alternate Base Rate" means, for any day, a rate per annum equal
to the greater of (a) the Prime Rate in effect on such day, and (b) the Federal
Funds Effective Rate in effect on such day plus 1/2 of 1%. Any change in the
Alternate Base Rate due to a change in the Prime Rate or the Federal Funds
Effective Rate shall be effective from and including the effective date of such
change in the Prime Rate or the Federal Funds Effective Rate, respectively.
"Applicable Percentage" means, with respect to any Lender, the
percentage of the total Commitments represented by such Lender's Commitment. If
the Commitments have terminated or expired, the Applicable Percentages shall be
determined based upon the Commitments most recently in effect, giving effect to
any assignments.
"Applicable Rate" means, for any day, with respect to any
Eurodollar Revolving Loan, or with respect to the facility fees payable
hereunder, as the case may be, the applicable rate per annum set forth below
under the caption "Eurodollar Spread" or "Facility Fee Rate", as the case may
be, based upon the ratings by Xxxxx'x and S&P, respectively, applicable on such
date to the Index Debt:
Index Debt Ratings: Eurodollar Facility Fee
------------------ ---------- ------------
(Xxxxx'x/S&P) Spread Rate
----------- ------ ----
-----------------------------------------------------------------------------
Category 1
----------
=> A3/A - 0.375% 0.125%
-----------------------------------------------------------------------------
Category 2
=> Baa1/BBB+ 0.475% 0.150%
-----------------------------------------------------------------------------
Category 3
=>Baa2/BBB 0.575% 0.175%
-----------------------------------------------------------------------------
Category 4
=>Baa3/BBB- 0.750% 0.250%
-----------------------------------------------------------------------------
Category 5
----------
=>Baa3/BBB- 0.950% 0.300%
=============================================================================
For purposes of the foregoing, (i) if either Xxxxx'x or S&P shall
not have in effect a rating for the Index Debt (other than by reason of the
circumstances referred to in the last sentence of this definition), then such
rating agency shall be deemed to have established a rating in the same Category
as the other rating agency; (ii) if the ratings established by Xxxxx'x and S&P
for the Index Debt shall fall within different Categories, the Applicable Rate
shall be based on the higher of the two ratings unless one of the two ratings is
two or more Categories lower than the other, in which case the Applicable Rate
shall be determined by reference to the Category one rating higher than the
lower of the two ratings; and (iii) if the ratings established or deemed to have
been established by Xxxxx'x and S&P for the Index Debt shall be changed (other
than as a result of a change in the rating system of Xxxxx'x or S&P), such
change shall be effective as of the date on which it is first announced by the
applicable rating agency. Each change in the Applicable Rate shall apply during
the period commencing on the effective date of such change and ending on the
date immediately preceding the effective date of the next such change. If the
rating system of Xxxxx'x or S&P shall change, or if either such rating agency
shall cease to be in the business of rating corporate debt obligations, the
Borrower and the Lenders shall negotiate in good faith to amend this definition
to reflect such changed rating system or the unavailability of ratings from such
rating agency and, pending the effectiveness of any such amendment, the
Applicable Rate shall be determined by reference to the rating most recently in
effect prior to such change or cessation.
"Assignment and Acceptance" means an assignment and acceptance
entered into by a Lender and an assignee (with the consent of any party whose
consent is required by Section 9.04), and accepted by the Administrative Agent,
in the form of Exhibit A or any other form approved by the Administrative Agent.
"Attributable Indebtedness" with respect to any Sale/Leaseback
Transaction, means, as at the time of determination, the present value
(discounted at the rate set forth or implicit in the terms of the lease included
in such transaction) of the total obligations of the lessee for rental payments
(other than amounts required to be paid on account of property taxes,
maintenance, repairs, insurance, assessments, utilities, operating and labor
costs and other items that do not constitute payments for property rights)
during the remaining term of the lease included in such Sale/Leaseback
Transaction (including any period for which such lease has been extended). In
the case of any lease that is terminable by the lessee upon the payment of a
penalty or other termination payment, such amount shall be the lesser of the
amount determined assuming termination upon the first date such lease may be
terminated (in which case the amount shall also include the amount of the
penalty or termination payment, but no rent shall be considered as required to
2
be paid under such lease subsequent to the first date upon which it may be so
terminated) or the amount determined assuming no such termination.
"Availability Period" means the period from and including the
Effective Date to but excluding the earlier of the Maturity Date and the date of
termination of the Commitments.
"Board" means the Board of Governors of the Federal Reserve
System of the United States of America.
"Borrower" means Enterprise Products Operating L.P., a Delaware
limited partnership.
"Borrowing" means (a) Revolving Loans of the same Type, made,
converted or continued on the same date and, in the case of Eurodollar Loans, as
to which a single Interest Period is in effect, (b) a Competitive Loan or group
of Competitive Loans of the same Type made on the same date and as to which a
single Interest Period is in effect or (c) a Swingline Loan.
"Borrowing Request" means a request by the Borrower for a
Revolving Borrowing in accordance with Section 2.03, and being in the form of
attached Exhibit B.
"Business Day" means any day that is not a Saturday, Sunday or
other day on which commercial banks in New York City are authorized or required
by law to remain closed; provided that, when used in connection with a
Eurodollar Loan, the term "Business Day" shall also exclude any day on which
banks are not open for dealings in dollar deposits in the London interbank
market.
"Capital Lease Obligations" of any Person means the obligations
of such Person to pay rent or other amounts under any lease of (or other
arrangement conveying the right to use) real or personal property, or a
combination thereof, which obligations are required to be classified and
accounted for as capital leases on a balance sheet of such Person under GAAP,
and the amount of such obligations shall be the capitalized amount thereof
determined in accordance with GAAP.
"CERCLA" means the Comprehensive Environmental, Response,
Compensation, and Liability Act of 1980, as amended.
"Change in Control" means Xxxxxx shall cease to own, directly or
indirectly, at least a majority (on a fully converted, fully diluted basis) of
the economic interest in the capital stock of EPCO and/or EPCO shall cease to
own, directly or indirectly, at least a majority (on a fully converted, fully
diluted basis) of the membership interest of the General Partner.
"Change in Law" means (a) the adoption of any law, rule or
regulation after the date of this Agreement, (b) any change in any law, rule or
regulation or in the interpretation or application thereof by any Governmental
Authority after the date of this Agreement or (c) compliance by any Lender or
the Issuing Bank (or, for purposes of Section 2.15(b), by any lending office of
such Lender or by such Lender's or the Issuing Bank's holding company, if any)
with any request, guideline or directive (whether or not having the force of
law) of any Governmental Authority made or issued after the date of this
Agreement.
"Class", when used in reference to any Loan or Borrowing, refers
to whether such Loan, or the Loans comprising such Borrowing, are Revolving
Loans, Competitive Loans or Swingline Loans.
"Code" means the Internal Revenue Code of 1986, as amended from
time to time.
3
"Commitment" means, with respect to each Lender, the commitment
of such Lender to make Revolving Loans and to acquire participations in Letters
of Credit and Swingline Loans hereunder, expressed as an amount representing the
maximum aggregate amount of such Lender's Revolving Credit Exposure hereunder,
as such commitment may be (a) reduced from time to time pursuant to Section 2.09
and (b) reduced or increased from time to time pursuant to Section 2.01 or
assignments by or to such Lender pursuant to Section 9.04. The initial amount of
each Lender's Commitment is set forth on Schedule 2.01, or in the Assignment and
Acceptance pursuant to which such Lender shall have assumed its Commitment, as
applicable. The initial aggregate amount of the Lenders' Commitments is
$250,000,000.
"Common Units" means the common units of limited partner
interests in the Limited Partner.
"Competitive Bid" means an offer by a Lender to make a
Competitive Loan in accordance with Section 2.04.
"Competitive Bid Rate" means, with respect to any Competitive
Bid, the Margin or the Fixed Rate, as applicable, offered by the Lender making
such Competitive Bid.
"Competitive Bid Request" means a request by the Borrower for
Competitive Bids in accordance with Section 2.04, and being in the form of
attached Exhibit C.
"Competitive Loan" means a Loan made pursuant to Section 2.04.
"Consolidated EBITDA" means for any period, the sum of (a) the
consolidated net income of the Borrower and its consolidated Subsidiaries
(excluding Project Finance Subsidiaries) for such period plus, to the extent
deducted in determining consolidated net income for such period, the aggregate
amount of (i) Consolidated Interest Expense, (ii) income tax expense and (iii)
depreciation and amortization expense plus (b) the amount of cash dividends
actually received during such period by the Borrower or a Subsidiary (other than
a Project Finance Subsidiary) from a Project Finance Subsidiary plus (c) the
amount of all payments during such period on leases of the type referred to in
clause (d) of the definition herein of Indebtedness and the amount of all
payments during such period under other off-balance sheet loans and financings
of the type referred to in such clause (d).
"Consolidated Indebtedness" means the Indebtedness of the
Borrower and its consolidated Subsidiaries (excluding Project Finance
Subsidiaries) including, without duplication, guaranties of funded debt,
determined on a consolidated basis as of such date.
"Consolidated Interest Expense" means for any period, the
interest expense of the Borrower and its consolidated Subsidiaries (excluding
Project Finance Subsidiaries), determined on a consolidated basis for such
period.
"Consolidated Net Tangible Assets" means, at any date of
determination, the total amount of assets of the Limited Partner and its
consolidated subsidiaries after deducting therefrom:
(a) all current liabilities (excluding (A) any
current liabilities that by their terms are extendable or
renewable at the option of the obligor thereon to a time more
than 12 months after the time as of which the amount thereof is
being computed, and (B) current maturities of long-term debt);
and
4
(b) the value (net of any applicable reserves) of
all goodwill, trade names, trademarks, patents and other like
intangible assets, all as set forth, or on a pro forma basis
would be set forth, on the consolidated balance sheet of the
Limited Partner and its consolidated subsidiaries for the Limited
Partner's most recently completed fiscal quarter, prepared in
accordance with GAAP.
"Consolidated Net Worth" means as to any Person, at any date of
determination, the sum of preferred stock (if any), par value of common stock,
capital in excess of par value of common stock, partners' capital or equity, and
retained earnings, less treasury stock (if any), of such Person, all as
determined on a consolidated basis.
"Control" means the possession, directly or indirectly, of the
power to direct or cause the direction of the management or policies of a
Person, whether through the ability to exercise voting power, by contract or
otherwise. "Controlling" and "Controlled" have meanings correlative thereto.
"Default" means any event or condition which constitutes an Event
of Default or which upon notice, lapse of time or both would, unless cured or
waived, become an Event of Default.
"Disclosed Matters" means the actions, suits and proceedings and
the environmental matters disclosed in Schedule 3.06.
"dollars" or "$" refers to lawful money of the United States of
America.
"Xxxxxx" means, collectively, individually or in any combination,
Xxx X. Xxxxxx, his wife, descendants, heirs and/or legatees and/or distributees
of Xxx X. Xxxxxx'x estate, and/or trusts established for the benefit of his
wife, descendants, such legatees and/or distributees and/or their respective
descendants, heirs, legatees and distributees.
"Effective Date" means the date specified in the notice referred to in the last
sentence of Section 4.01.
"Environmental Laws" means all laws, rules, regulations, codes,
ordinances, orders, decrees, judgments, injunctions, notices or binding
agreements issued, promulgated or entered into by any Governmental Authority,
relating in any way to the environment, preservation or reclamation of natural
resources, the management, release or threatened release of any Hazardous
Material or to health and safety matters.
"Environmental Liability" means any liability, contingent or
otherwise (including any liability for damages, costs of environmental
remediation, fines, penalties or indemnities), of the Borrower or any Subsidiary
directly or indirectly resulting from or based upon (a) violation of any
Environmental Law, (b) the generation, use, handling, transportation, storage,
treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous
Materials, (d) the release or threatened release of any Hazardous Materials into
the environment or (e) any contract, agreement or other consensual arrangement
pursuant to which liability is assumed or imposed with respect to any of the
foregoing.
"EPCO" means Enterprise Products Company, a Texas corporation.
"Equity Interest" means shares of the capital stock, partnership
interests, membership interests in a limited liability company, beneficial
interests in a trust or other equity interests in any Person, or any warrants,
options or other rights to acquire such interests.
5
"ERISA" means the Employee Retirement Income Security Act of
1974, as amended from time to time.
"ERISA Affiliate" means any trade or business (whether or not
incorporated) that, together with the Borrower, is treated as a single employer
under Section 414(b) or (c) of the Code or, solely for purposes of Section 302
of ERISA and Section 412 of the Code, is treated as a single employer under
Section 414 of the Code.
"ERISA Event" means (a) any "reportable event", as defined in
Section 4043 of ERISA or the regulations issued thereunder with respect to a
Plan (other than an event for which the 30-day notice period is waived); (b) the
existence with respect to any Plan of an "accumulated funding deficiency" (as
defined in Section 412 of the Code or Section 302 of ERISA), whether or not
waived; (c) the filing pursuant to Section 412(d) of the Code or Section 303(d)
of ERISA of an application for a waiver of the minimum funding standard with
respect to any Plan; (d) the incurrence by the Borrower or any of its ERISA
Affiliates of any liability under Title IV of ERISA with respect to the
termination of any Plan; (e) the receipt by the Borrower or any ERISA Affiliate
from the PBGC or a plan administrator of any notice relating to an intention to
terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f)
the incurrence by the Borrower or any of its ERISA Affiliates of any liability
with respect to the withdrawal or partial withdrawal from any Plan or
Multiemployer Plan; or (g) the receipt by the Borrower or any ERISA Affiliate of
any notice, or the receipt by any Multiemployer Plan from the Borrower or any
ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability
or a determination that a Multiemployer Plan is, or is expected to be, insolvent
or in reorganization, within the meaning of Title IV of ERISA.
"Eurocurrency Liabilities" has the meaning assigned to that term
in Regulation D of the Board, as in effect from time to time.
"Eurodollar", when used in reference to any Loan or Borrowing,
refers to a Loan, or Loans, in the case of a Borrowing, which bear interest at a
rate determined by reference to the LIBO Rate.
"Eurodollar Rate Reserve Percentage" of any Lender for any
Interest Period for each Revolving Eurodollar Borrowing means the reserve
percentage applicable during such Interest Period (or if more than one such
percentage shall be so applicable, the daily average of such percentages for
those days in such Interest Period during which any such percentage shall be so
applicable) under regulations issued from time to time by the Board for
determining the maximum reserve requirement (including, without limitation, any
emergency, supplemental or other marginal reserve requirement) for such Lender
with respect to liabilities or assets consisting of or including Eurocurrency
Liabilities having a term equal to such Interest Period.
"Event of Default" has the meaning assigned to such term in
Article VII.
"Excluded Taxes" means, with respect to the Administrative Agent,
any Lender, the Issuing Bank or any other recipient of any payment to be made by
or on account of any obligation of the Borrower hereunder, (a) income or
franchise taxes imposed on (or measured by) its net income by the United States
of America, by any state thereof or the District of Columbia or by the
jurisdiction under the laws of which such recipient is organized or in which its
principal office is located or, in the case of any Lender, in which its
applicable lending office is located, (b) any branch profits taxes imposed by
the United States of America, any state thereof or the District of Columbia or
any similar tax imposed by any other jurisdiction in which the Borrower is
located and (c) in the case of a Foreign Lender (other than an assignee pursuant
to a request by the Borrower under Section 2.19(b)), any withholding tax that is
6
imposed on amounts payable to such Foreign Lender at the time such Foreign
Lender becomes a party to this Agreement (or designates a new lending office) or
is attributable to such Foreign Lender's failure to comply with Section 2.17(e).
"Existing Letters of Credit" means the outstanding letters of
credit issued by The Chase Manhattan Bank for the account of the Borrower under
the Existing $350,000,000 Chase Credit Facility prior to the Effective Date and
listed on Schedule 1.01.
"Existing $350,000,000 Chase Credit Facility" means the
$350,000,000 revolving credit facility of the Borrower under that certain Credit
Agreement dated as of July 28, 1999, among the Borrower, The Chase Manhattan
Bank, as Administrative Agent, and the lenders party thereto, together with any
and all amendments and supplements thereto.
"Federal Funds Effective Rate" means, for any day, the weighted
average of the rates on overnight Federal funds transactions with members of the
Federal Reserve System arranged by Federal funds brokers, as published on the
next succeeding Business Day by the Federal Reserve Bank of New York, or, if
such rate is not so published for any day that is a Business Day, the average of
the quotations for such day for such transactions received by the Administrative
Agent from three Federal funds brokers of recognized standing selected by it.
"Financial Officer" means the chief financial officer, principal
accounting officer, treasurer or controller of the Borrower.
"Fixed Rate" means, with respect to any Competitive Loan (other
than a Eurodollar Competitive Loan), the fixed rate of interest per annum
specified by the Lender making such Competitive Loan in its related Competitive
Bid.
"Fixed Rate Loan" means a Competitive Loan bearing interest at a
Fixed Rate.
"Foreign Lender" means any Lender that is organized under the
laws of a jurisdiction other than the United States of America, any state
thereof or the District of Columbia.
"GAAP" means generally accepted accounting principles in the
United States of America.
"General Partner" means Enterprise Products GP, LLC, a Delaware
limited liability company.
"Governmental Authority" means the government of the United
States of America, any other nation or any political subdivision thereof,
whether state or local, and any agency, authority, instrumentality, regulatory
body, court, central bank or other entity exercising executive, legislative,
judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government.
"Guarantee" of or by any Person (the "guarantor") means any
obligation, contingent or otherwise, of the guarantor guaranteeing or having the
economic effect of guaranteeing any Indebtedness of any other Person (the
"primary obligor") in any manner, whether directly or indirectly, and including
any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or
advance or supply funds for the purchase or payment of) such Indebtedness or
other obligation or to purchase (or to advance or supply funds for the purchase
of) any security for the payment thereof, (b) to purchase or lease property,
securities or services for the purpose of assuring the owner of such
Indebtedness or other obligation of the payment thereof, (c) to maintain working
7
capital, equity capital or any other financial statement condition or liquidity
of the primary obligor so as to enable the primary obligor to pay such
Indebtedness or other obligation or (d) as an account party in respect of any
letter of credit or letter of guaranty issued to support such Indebtedness or
obligation; provided, that the term Guarantee shall not include endorsements for
collection or deposit in the ordinary course of business.
"Guaranty Agreement" means an agreement executed by the Limited
Partner in form and substance satisfactory to the Administrative Agent
guaranteeing, unconditionally, payment of any principal of or interest on the
Loans, any reimbursement obligations in respect of any LC Disbursement or any
other amount payable under this Agreement, when and as the same shall become due
and payable.
"Hazardous Materials" means all explosive or radioactive
substances or wastes and all hazardous or toxic substances, wastes or other
pollutants, including petroleum or petroleum distillates, asbestos or asbestos
containing materials, polychlorinated biphenyls, radon gas, infectious or
medical wastes and all other substances or wastes of any nature, in each case
regulated pursuant to any Environmental Law.
"Indebtedness" of any Person means, without duplication, (a) all
obligations of such Person for the repayment of money borrowed which are or
should be shown on a balance sheet as debt in accordance with GAAP, (b)
obligations of such Person as lessee under leases which, in accordance with
GAAP, are capital leases, (c) guaranties of such Person of payment or collection
of any obligations described in clauses (a) and (b) of other Persons; provided,
that clauses (a) and (b) include, in the case of obligations of the Borrower or
any Subsidiary, only such obligations as are or should be shown as debt or
capital lease liabilities on a consolidated balance sheet of the Borrower in
accordance with GAAP and (d) all obligations of such Person under any synthetic
lease, tax retention operating lease, off-balance sheet loan or similar
off-balance sheet financing if the obligation under such synthetic lease, tax
retention operating lease, off-balance sheet loan or similar off-balance sheet
financing, as the case may be, is considered indebtedness for borrowed money for
tax purposes but is classified as an operating lease in accordance with GAAP;
provided, further, that the liability of any Person as a general partner of a
partnership for Indebtedness of such partnership, if such partnership is not a
subsidiary of such Person, shall not constitute Indebtedness.
"Indemnified Taxes" means Taxes other than Excluded Taxes.
"Index Debt" means senior, unsecured, non-credit enhanced (except
for any guaranty by the Limited Partner) Indebtedness of the Borrower.
"Information Memorandum" means the Confidential Information
Memorandum dated October, 2000 relating to the Borrower and the Transactions.
"Interest Election Request" means a request by the Borrower to
convert or continue a Revolving Borrowing in accordance with Section 2.08, and
being in the form of attached Exhibit D.
"Interest Payment Date" means (a) with respect to any ABR Loan
(other than a Swingline Loan), the last day of each March, June, September and
December, (b) with respect to any Eurodollar Loan, the last day of the Interest
Period applicable to the Borrowing of which such Loan is a part and, in the case
of a Eurodollar Borrowing with an Interest Period of more than three (3) months'
duration, the day that occurs three months after the first day of such Interest
Period, (c) with respect to any Fixed Rate Loan, the last day of the Interest
Period applicable to the Borrowing of which such Loan is a part and, in the case
of a Fixed Rate Borrowing with an Interest Period of more than 90 days' duration
(unless otherwise specified in the applicable Competitive Bid Request), the day
8
that occurs 90 days after the first day of such Interest Period, and any other
dates that are specified in the applicable Competitive Bid Request as Interest
Payment Dates with respect to such Borrowing and (d) with respect to any
Swingline Loan, the day that such Loan is required to be repaid.
"Interest Period" means (a) with respect to any Eurodollar
Borrowing, the period commencing on the date of such Borrowing and ending on the
numerically corresponding day in the calendar month that is one, two, three or
six months thereafter, as the Borrower may elect, and (b) with respect to any
Fixed Rate Borrowing, the period (which shall not be less than seven (7) days or
more than 180 days) commencing on the date of such Borrowing and ending on the
date specified in the applicable Competitive Bid Request; provided, that (i) if
any Interest Period would end on a day other than a Business Day, such Interest
Period shall be extended to the next succeeding Business Day unless, in the case
of a Eurodollar Borrowing only, such next succeeding Business Day would fall in
the next calendar month, in which case such Interest Period shall end on the
next preceding Business Day and (ii) any Interest Period pertaining to a
Eurodollar Borrowing that commences on the last Business Day of a calendar month
(or on a day for which there is no numerically corresponding day in the last
calendar month of such Interest Period) shall end on the last Business Day of
the last calendar month of such Interest Period. For purposes hereof, the date
of a Borrowing initially shall be the date on which such Borrowing is made and,
in the case of a Revolving Borrowing, thereafter shall be the effective date of
the most recent conversion or continuation of such Borrowing.
"Issuing Bank" means First Union National Bank, in its capacity
as the issuer of Letters of Credit hereunder, and its successors in such
capacity as provided in Section 2.06(i); provided, that, for purposes of the
Existing Letters of Credit, the term "Issuing Bank" shall mean The Chase
Manhattan Bank, in its capacity as issuer of the Existing Letters of Credit
under the Existing $350,000,000 Chase Credit Facility. The Issuing Bank may
arrange for one or more Letters of Credit to be issued by Affiliates of the
Issuing Bank if the Borrower (in its sole discretion) approves such arrangement
in writing, in which case the term "Issuing Bank" shall include any such
Affiliate with respect to Letters of Credit issued by such Affiliate.
"LC Disbursement" means a payment made by the Issuing Bank
pursuant to a Letter of Credit.
"LC Exposure" means, at any time, the sum of (a) the aggregate
undrawn amount of all outstanding Letters of Credit at such time plus (b) the
aggregate amount of all LC Disbursements that have not yet been reimbursed by or
on behalf of the Borrower at such time. The LC Exposure of any Lender at any
time shall be its Applicable Percentage of the total LC Exposure at such time.
"Lenders" means the Persons listed on Schedule 2.01 and any other
Person that shall have become a party hereto pursuant to an Assignment and
Acceptance, other than any such Person that ceases to be a party hereto pursuant
to an Assignment and Acceptance or pursuant to Section 2.01(c). Unless the
context otherwise requires, the term "Lenders" includes the Swingline Lender.
"Letter of Credit" means, collectively, the Existing Letters of
Credit and any letter of credit issued pursuant to this Agreement.
"LIBO Rate" means, with respect to any Eurodollar Borrowing for
any Interest Period, (a) the rate per annum appearing on Page 3750 of the Bridge
Telerate Service (formerly Dow Xxxxx Market Service) (or on any successor or
substitute page of such Service, or any successor to or substitute for such
Service, providing rate quotations comparable to those currently provided on
such page of such Service, as determined by the Administrative Agent from time
9
to time for purposes of providing quotations of interest rates applicable to
dollar deposits in the London interbank market) at approximately 11:00 a.m.,
London time, two Business Days prior to the commencement of such Interest
Period, as the rate for dollar deposits with a maturity comparable to such
Interest Period; (b) if for any reason the rate specified in clause (a) of this
definition does not so appear on Page 3750 of the Bridge Telerate Service (or
any successor or substitute page or any such successor to or substitute for such
Service), the rate per annum appearing on Reuters Screen LIBO page (or any
successor or substitute page) as the London interbank offered rate for deposits
in dollars at approximately 11:00 a.m., London time, two Business Days prior to
the commencement of such Interest Period for a maturity comparable to such
Interest Period; and (c) if the rate specified in clause (a) of this definition
does not so appear on Page 3750 of the Bridge Telerate Service (or any successor
or substitute page or any such successor to or substitute for such Service) and
if no rate specified in clause (b) of this definition so appears on Reuters
Screen LIBO page (or any successor or substitute page), the average of the
interest rates per annum at which dollar deposits of $5,000,000 and for a
maturity comparable to such Interest Period are offered by the respective
principal London offices of the Reference Banks in immediately available funds
in the London interbank market at approximately 11:00 a.m., London time, two
Business Days prior to the commencement of such Interest Period.
"Lien" means, with respect to any asset, (a) any mortgage, deed
of trust, lien, pledge, hypothecation, encumbrance, charge or security interest
in, on or of such asset, (b) the interest of a vendor or a lessor under any
conditional sale agreement, capital lease or title retention agreement relating
to such asset and (c) in the case of securities, any purchase option, call or
similar right of a third party with respect to such securities. For avoidance of
doubt, operating leases are not "Liens."
"Limited Partner" means Enterprise Products Partners L.P., a
Delaware limited partnership, or any other Person that is the "Guarantor" as
defined in the March 15, 2000 Indenture.
"Loans" means the loans made by the Lenders to the Borrower
pursuant to this Agreement.
"March 15, 2000 Indenture" means that certain Indenture dated as
of March 15, 2000, among the Borrower, the Limited Partner and First Union
National Bank, as Trustee.
"Margin" means, with respect to any Competitive Loan bearing
interest at a rate based on the LIBO Rate, the marginal rate of interest, if
any, to be added to or subtracted from the LIBO Rate to determine the rate of
interest applicable to such Loan, as specified by the Lender making such Loan in
its related Competitive Bid.
"Material Adverse Change" means a material adverse change, from
that in effect on June 30, 2000, in the financial condition or results of
operations of the Borrower and its consolidated Subsidiaries taken as a whole,
as indicated in the most recent quarterly or annual financial statements.
"Material Adverse Effect" means a material adverse effect on
financial condition or results of operations of the Borrower and its
consolidated Subsidiaries taken as a whole, as indicated in the most recent
quarterly or annual financial statements.
"Material Indebtedness" means Indebtedness (other than the Loans
and Letters of Credit), of any one or more of the Borrower and its Subsidiaries
(other than Project Finance Subsidiaries) in an aggregate principal amount
exceeding $25,000,000.
"Material Subsidiary" means (i) those Subsidiaries designated on
Schedule 3.12 as Material Subsidiaries and (ii) each Subsidiary that, as of the
10
last day of the fiscal year of the Borrower most recently ended prior to the
relevant determination of Material Subsidiaries, has a net worth determined in
accordance with GAAP that is greater than 10% of the Consolidated Net Worth of
the Borrower as of such day.
"Maturity Date" means November 17, 2005, as the same may be
extended pursuant to Section 2.01(c).
"Moody's" means Xxxxx'x Investors Service, Inc.
"Multiemployer Plan" means a multiemployer plan as defined in
Section 4001(a)(3) of ERISA.
"Other Taxes" means any and all present or future stamp or
documentary taxes or any other excise or property taxes, charges or similar
levies arising from any payment made hereunder or from the execution, delivery
or registration of, or otherwise with respect to, this Agreement.
"Partnership Agreement" means the Agreement of Limited
Partnership of the Borrower among the General Partner and the Limited Partner
substantially in the form provided to the Lenders, as amended, modified and
supplemented from time to time.
"PBGC" means the Pension Benefit Guaranty Corporation referred to
and defined in ERISA and any successor entity performing similar functions.
"Permitted Liens" means:
(a) liens upon rights-of-way for pipeline purposes;
(b) any statutory or governmental lien or lien arising by
operation of law, or any mechanics', repairmen's, materialmen's, suppliers',
carriers', landlords', warehousemen's or similar lien incurred in the ordinary
course of business which is not yet due or which is being contested in good
faith by appropriate proceedings and any undetermined lien which is incidental
to construction, development, improvement or repair; or any right reserved to,
or vested in, any municipality or public authority by the terms of any right,
power, franchise, grant, license, permit or by any provision of law, to purchase
or recapture or to designate a purchaser of, any property;
(c) liens for taxes and assessments which are (i) for the then
current year, (ii) not at the time delinquent, or (iii) delinquent but the
validity or amount of which is being contested at the time by the Borrower, any
Subsidiary or the Limited Partner in good faith by appropriate proceedings;
(d) liens of, or to secure performance of, leases, other than
capital leases, or any lien securing industrial development, pollution control
or similar revenue bonds;
(e) any lien upon property or assets acquired or sold by the
Borrower, any Subsidiary or the Limited Partner resulting from the exercise of
any rights arising out of defaults on receivables;
(f) any lien in favor of the Borrower, any Subsidiary or the
Limited Partner; or any lien upon any property or assets of the Borrower, any
Subsidiary or the Limited Partner in existence on the date of the execution and
delivery of the March 15, 2000 Indenture;
11
(g) any lien in favor of the United States of America or any
state thereof, or any department, agency or instrumentality or political
subdivision of the United States of America or any state thereof, to secure
partial, progress, advance, or other payments pursuant to any contract or
statute, or any debt incurred by the Borrower, any Subsidiary or the Limited
Partner for the purpose of financing all or any part of the purchase price of,
or the cost of constructing, developing, repairing or improving, the property or
assets subject to such lien;
(h) any lien incurred in the ordinary course of business in
connection with workmen's compensation, unemployment insurance, temporary
disability, social security, retiree health or similar laws or regulations or to
secure obligations imposed by statute or governmental regulations;
(i) liens in favor of any Person to secure obligations under
provisions of any letters of credit, bank guarantees, bonds or surety
obligations required or requested by any governmental authority in connection
with any contract or statute; or any lien upon or deposits of any assets to
secure performance of bids, trade contracts, leases or statutory obligations;
(j) any lien upon any property or assets created at the time of
acquisition of such property or assets by the Borrower, any Subsidiary or the
Limited Partner or within one year after such time to secure all or a portion of
the purchase price for such property or assets or debt incurred to finance such
purchase price, whether such debt was incurred prior to, at the time of or
within one year after the date of such acquisition; or any lien upon any
property or assets to secure all or part of the cost of construction,
development, repair or improvements thereon or to secure debt incurred prior to,
at the time of, or within one year after completion of such construction,
development, repair or improvements or the commencement of full operations
thereof (whichever is later), to provide funds for any such purpose;
(k) any lien upon any property or assets existing thereon at the
time of the acquisition thereof by the Borrower, any Subsidiary or the Limited
Partner and any lien upon any property or assets of a Person existing thereon at
the time such Person becomes a Subsidiary by acquisition, merger or otherwise;
provided that, in each case, such lien only encumbers the property or assets so
acquired or owned by such Person at the time such Person becomes a Subsidiary;
(l) liens imposed by law or order as a result of any proceeding
before any court or regulatory body that is being contested in good faith, and
liens which secure a judgment or other court-ordered award or settlement as to
which the Borrower, the applicable Subsidiary or the Limited Partner has not
exhausted its appellate rights;
(m) any extension, renewal, refinancing, refunding or replacement
(or successive extensions, renewals, refinancing, refunding or replacements) of
liens, in whole or in part, referred to in clauses (a) through (l) above;
provided, however, that any such extension, renewal, refinancing, refunding or
replacement lien shall be limited to the property or assets covered by the lien
extended, renewed, refinanced, refunded or replaced and that the obligations
secured by any such extension, renewal, refinancing, refunding or replacement
lien shall be in an amount not greater than the amount of the obligations
secured by the lien extended, renewed, refinanced, refunded or replaced and any
expenses of the Borrower, its Subsidiaries and the Limited Partner (including
any premium) incurred in connection with such extension, renewal, refinancing,
refunding or replacement; or
(n) any lien resulting from the deposit of moneys or evidence of
indebtedness in trust for the purpose of defeasing debt of the Borrower, any
Subsidiary or the Limited Partner.
12
"Permitted Sale/Leaseback Transactions" means any Sale/Leaseback
Transaction:
(a) which occurs within one year from the date of completion of
the acquisition of the Principal Property subject thereto or the date of the
completion of construction, development or substantial repair or improvement, or
commencement of full operations on such Principal Property, whichever is later;
or
(b) involves a lease for a period, including renewals, of not
more than three years; or
(c) the Borrower, any Subsidiary or the Limited Partner would be
entitled to incur Indebtedness, in a principal amount equal to the Attributable
Indebtedness with respect to such Sale/Leaseback Transaction, secured by a Lien
on the property subject to such Sale/Leaseback Transaction pursuant to Section
6.02 without equally and ratably securing the Indebtedness under this Agreement
pursuant to such Section; or
(d) the Borrower, any Subsidiary or the Limited Partner, within a
one-year period after such Sale-Leaseback Transaction, applies or causes to be
applied an amount not less than the Attributable Indebtedness from such
Sale-Leaseback Transaction to (a) the prepayment, repayment, redemption,
reduction or retirement of any Indebtedness of the Borrower, any Subsidiary or
the Limited Partner that is not subordinated to the Indebtedness under this
Agreement, or (b) the expenditure or expenditures for Principal Property used or
to be used in the ordinary course of business of the Borrower, its Subsidiaries
or the Limited Partner.
Notwithstanding the foregoing provisions of this definition, any Sale-Leaseback
Transaction not covered by clauses (a) through (d), inclusive, of this
definition, shall nonetheless be a Permitted Sale/Leaseback Transaction if the
Attributable Indebtedness from such Sale-Leaseback Transaction, together with
the aggregate principal amount of outstanding Indebtedness (other than
Indebtedness under this Agreement and Indebtedness under the March 15, 2000
Indenture) secured by Liens other than Permitted Liens upon Principal
Properties, does not exceed 10% of Consolidated Net Tangible Assets.
"Person" means any natural person, corporation, limited liability
company, trust, joint venture, association, company, partnership, Governmental
Authority or other entity.
"Plan" means any employee pension benefit plan (other than a
Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section
412 of the Code or Section 302 of ERISA, and in respect of which the Borrower or
any ERISA Affiliate is (or, if such plan were terminated, would under Section
4069 of ERISA be deemed to be) an "employer" as defined in Section 3(5) of
ERISA.
"Prime Rate" means the rate of interest per annum publicly
announced from time to time by First Union National Bank as its prime rate in
effect at its principal office in Charlotte, North Carolina, each change in the
Prime Rate shall be effective from and including the date such change is
publicly announced as being effective.
"Principal Property" means whether owned or leased on the date
hereof or thereafter acquired:
(a) any pipeline assets of the Borrower, any Subsidiary or the
Limited Partner, including any related facilities employed in the
transportation, distribution, storage or marketing of refined petroleum
13
products, natural gas liquids, and petrochemicals, that are located in the
United States of America or any territory or political subdivision thereof; and
(b) any processing or manufacturing plant or terminal owned or
leased by the Borrower, any Subsidiary or the Limited Partner that is located in
the United States or any territory or political subdivision thereof;
except, in the case of either of the foregoing clauses (a) or
(b):
(i) any such assets consisting of inventories,
furniture, office fixtures and equipment
(including data processing equipment), vehicles
and equipment used on, or useful with, vehicles;
and
(ii) any such assets, plant or terminal which, in the
opinion of the Board of Directors (as defined in
the March 15, 2000 Indenture), is not material in
relation to the activities of the Borrower or of
the Limited Partner and its subsidiaries taken as
a whole.
"Program" means the buy-back program initiated by the Limited
Partner whereby the Limited Partner or the Borrower may buy back up to the
greater of (i) 1,000,000 publicly held Units, or (ii) the number of publicly
held Units the aggregate purchase price of which is $30,000,000.
"Project Financing" means Indebtedness incurred by a Project
Finance Subsidiary to finance the acquisition or construction of any asset or
project which Indebtedness does not permit or provide for recourse against the
Borrower or any of its Subsidiaries (other than any Project Finance Subsidiary).
"Project Finance Subsidiaries" means a Subsidiary that is
created principally to (i) construct or acquire any asset or project that will
be or is financed solely with Project Financing for such asset or project,
related equity investments and any loans to, or capital contributions in, such
Subsidiary that are not prohibited hereby, (ii) own an Equity Interest in a
Project Finance Subsidiary, and/or (iii) own an interest in any such asset or
project.
"Reference Banks" means First Union National Bank, The Chase
Manhattan Bank and Citibank, N.A.
"Register" has the meaning set forth in Section 9.04.
"Related Parties" means, with respect to any specified Person,
such Person's Affiliates and the respective directors, officers, employees,
agents and advisors of such Person and such Person's Affiliates.
"Required Lenders" means, at any time, Lenders having Revolving
Credit Exposures and unused Commitments representing at least 51% of the sum of
the total Revolving Credit Exposures and unused Commitments at such time;
provided that, for purposes of declaring the Loans to be due and payable
pursuant to Article VII, and for all purposes after the Loans become due and
payable pursuant to Article VII or the Commitments expire or terminate, the
outstanding Competitive Loans of the Lenders shall be added to their respective
Revolving Credit Exposures and to the total Revolving Credit Exposures in
determining the Required Lenders.
14
"Restricted Payment" means any dividend or other distribution
(whether in cash, securities or other property) with respect to any class of
Equity Interests of the Borrower, or any payment (whether in cash, securities or
other property), including any sinking fund or similar deposit, on account of
the purchase, redemption, retirement, acquisition, cancellation or termination
of any Equity Interests of the Limited Partner or the Borrower or any option,
warrant or other right to acquire any Equity Interests of the Limited Partner or
the Borrower.
"Revolving Credit Exposure" means, with respect to any Lender at
any time, the sum of the outstanding principal amount of such Lender's Revolving
Loans and its LC Exposure and Swingline Exposure at such time.
"Revolving Loan" means a Loan made pursuant to Section 2.03.
"Sale/Leaseback Transaction" means any arrangement with any
Person providing for the leasing, under a lease that is not a capital lease
under GAAP, by the Borrower, or a Subsidiary (other than a Project Finance
Subsidiary) or the Limited Partner of any Principal Property, which property has
been or is to be sold or transferred by the Borrower, such Subsidiary or the
Limited Partner to such Person in contemplation of such leasing.
"S&P" means Standard & Poor's.
"Subordinated Units" means the subordinated units of limited
partner interests in the Limited Partner.
"subsidiary" means, with respect to any Person (the "parent") at
any date, any corporation, limited liability company, partnership, association
or other entity of which securities or other ownership interests representing
more than 50% of the equity or more than 50% of the ordinary voting power or, in
the case of a partnership, more than 50% of the general partnership interests,
are, as of such date, owned, controlled or held by the parent and one or more
subsidiaries of the parent.
"Subsidiary" means any subsidiary of the Borrower.
"Swingline Exposure" means, at any time, the aggregate principal
amount of all Swingline Loans outstanding at such time. The Swingline Exposure
of any Lender at any time shall be its Applicable Percentage of the total
Swingline Exposure at such time.
"Swingline Lender" means First Union National Bank, in its
capacity as lender of Swingline Loans hereunder.
"Swingline Loan" means a Loan made pursuant to Section 2.05.
"Taxes" means any and all present or future taxes, levies,
imposts, duties, deductions, charges or withholdings imposed by any Governmental
Authority.
"364-Day Credit Facility" means the revolving credit facility of
the Borrower under that certain Credit Agreement dated as of November 17, 2000,
among the Borrower, First Union National Bank, as Administrative Agent, and the
lenders party thereto, together with any and all amendments and supplements
thereto (the "364-Day Credit Agreement").
15
"364-Day Credit Facility Commitments" means the "Commitments" (as
defined in the 364-Day Credit Agreement) of the lenders under the 364-Day Credit
Facility.
"Transactions" means the execution, delivery and performance by
the Borrower of this Agreement, the borrowing of Loans, the use of the proceeds
thereof and the issuance of Letters of Credit hereunder.
"Type", when used in reference to any Loan or Borrowing, refers
to whether the rate of interest on such Loan, or on the Loans comprising such
Borrowing, is determined by reference to the LIBO Rate, the Alternate Base Rate
or, in the case of a Competitive Loan or Borrowing, the LIBO Rate or a Fixed
Rate.
"Units" means the collective reference to the Common Units and
the Subordinated Units.
"Withdrawal Liability" means liability to a Multiemployer Plan as
a result of a complete or partial withdrawal from such Multiemployer Plan, as
such terms are defined in Part I of Subtitle E of Title IV of ERISA.
SECTION 1.02. Classification of Loans and Borrowings. For
purposes of this Agreement, Loans may be classified and referred to by Class
(e.g., a "Revolving Loan") or by Type (e.g., a "Eurodollar Loan") or by Class
and Type (e.g., a "Eurodollar Revolving Loan"). Borrowings also may be
classified and referred to by lass (e.g., a "Revolving Borrowing") or by Type
(e.g., a "Eurodollar Borrowing") or by Class and Type (e.g., a "Eurodollar
Revolving Borrowing").
SECTION 1.03. Terms Generally. The definitions of terms herein
shall apply equally to the singular and plural forms of the terms defined.
Whenever the context may require, any pronoun shall include the corresponding
masculine, feminine and neuter forms. The words "include", "includes" and
"including" shall be deemed to be followed by the phrase "without limitation".
The word "will" shall be construed to have the same meaning and effect as the
word "shall". Unless the context requires otherwise (a) any definition of or
reference to any agreement, instrument or other document herein shall be
construed as referring to such agreement, instrument or other document as from
time to time amended, supplemented or otherwise modified (subject to any
restrictions on such amendments, supplements or modifications set forth herein),
(b) any reference herein to any Person shall be construed to include such
Person's successors and assigns, (c) the words "herein", "hereof" and
"hereunder", and words of similar import, shall be construed to refer to this
Agreement in its entirety and not to any particular provision hereof, (d) all
references herein to Articles, Sections, Exhibits and Schedules shall be
construed to refer to Articles and Sections of, and Exhibits and Schedules to,
this Agreement and (e) the words "asset" and "property" shall be construed to
have the same meaning and effect and to refer to any and all tangible and
intangible assets and properties, including cash, securities, accounts and
contract rights.
SECTION 1.04. Accounting Terms; GAAP. Except as otherwise
expressly provided herein, all terms of an accounting or financial nature shall
be construed in accordance with (i) except for purposes of Section 6.07, GAAP,
as in effect from time to time; provided that, if the Borrower notifies the
Administrative Agent that the Borrower requests an amendment to any provision
hereof to eliminate the effect of any change occurring after the date hereof in
GAAP or in the application thereof on the operation of such provision (or if the
Administrative Agent notifies the Borrower that the Required Lenders request an
amendment to any provision hereof for such purpose), regardless of whether any
such notice is given before or after such change in GAAP or in the application
thereof, then such provision shall be interpreted on the basis of GAAP as in
16
effect and applied immediately before such change shall have become effective
until such notice shall have been withdrawn or such provision amended in
accordance herewith; and (ii) for purposes of Section 6.07, GAAP, as in effect
on June 30, 2000.
ARTICLE II
The Credits
SECTION 2.01. Commitments. (a) Subject to the terms and
conditions set forth herein, each Lender agrees to make Revolving Loans to the
Borrower from time to time during the Availability Period in an aggregate
principal amount that will not result in (i) such Lender's Revolving Credit
Exposure exceeding such Lender's Commitment or (ii) the sum of the total
Revolving Credit Exposures plus the aggregate principal amount of outstanding
Competitive Loans exceeding the total Commitments. Within the foregoing limits
and subject to the terms and conditions set forth herein, the Borrower may
borrow, prepay and reborrow Revolving Loans.
(b) The Borrower shall have the right, without the consent of the
Lenders but with the prior approval of the Administrative Agent, not to be
unreasonably withheld, to cause from time to time an increase in the total
Commitments of the Lenders by adding to this Agreement one or more additional
Lenders or by allowing one or more Lenders to increase their respective
Commitments; provided however (i) no Event of Default shall have occurred
hereunder which is continuing, (ii) no such increase shall cause (A) the
aggregate Commitments hereunder to exceed $350,000,000, or (B) the sum of the
aggregate Commitments hereunder plus the aggregate 364-Day Credit Facility
Commitments to exceed $500,000,000, and (iii) no Lender's Commitment shall be
increased without such Lender's consent.
(c) The Borrower may request a one (1) year extension of the
Maturity Date by delivering a written request for same to the Administrative
Agent within 90 days prior to (but not less than 30 days prior to) each of the
first two anniversary dates of the Effective Date. Any such extension shall be
granted if (i) consented to by Lenders having Revolving Credit Exposures and
unused Commitments representing more than 80% of the sum of the total Revolving
Credit Exposures and unused Commitments at such time, (ii) on the Maturity Date
as it existed immediately prior to such extension (A) the Commitments of the
dissenting Lenders are terminated (which termination shall be effective
automatically), (B) all amounts owing to such dissenting Lenders are paid in
full (which payments shall not be subject to Section 2.11), and (C) the total
Commitments have been permanently reduced by an amount equal to such dissenting
Lenders' Commitments so terminated, except to the extent that the Commitments of
the dissenting Lenders are replaced pursuant to Section 2.19(b) and/or one or
more Lenders agree(s) to increase their respective Commitment(s), (iii) all
conditions precedent for a Borrowing set forth in Section 4.02 have been
satisfied, and (iv) the Borrower does not withdraw its request for such
extension before the relevant anniversary date of the Effective Date.
SECTION 2.02. Loans and Borrowings. (a) Each Revolving Loan shall
be made as part of a Borrowing consisting of Revolving Loans made by the Lenders
ratably in accordance with their respective Commitments. Each Competitive Loan
shall be made in accordance with the procedures set forth in Section 2.04. The
failure of any Lender to make any Loan required to be made by it shall not
relieve any other Lender of its obligations hereunder; provided that the
Commitments and Competitive Bids of the Lenders are several and no Lender shall
be responsible for any other Lender's failure to make Loans as required.
17
(b) Subject to Section 2.14, (i) each Revolving Borrowing shall
be comprised entirely of ABR Loans or Eurodollar Loans as the Borrower may
request in accordance herewith, and (ii) each Competitive Borrowing shall be
comprised entirely of Eurodollar Loans or Fixed Rate Loans as the Borrower may
request in accordance herewith. Each Swingline Loan shall be an ABR Loan. Each
Lender at its option may make any Eurodollar Loan by causing any domestic or
foreign branch or Affiliate of such Lender to make such Loan; provided that any
exercise of such option shall not affect the obligation of the Borrower to repay
such Loan in accordance with the terms of this Agreement.
(c) At the commencement of each Interest Period for any
Eurodollar Revolving Borrowing, such Borrowing shall be in an aggregate amount
that is an integral multiple of $1,000,000 and not less than $5,000,000. At the
time that each ABR Revolving Borrowing is made, such Borrowing shall be in an
aggregate amount that is an integral multiple of $500,000 and not less than
$1,000,000; provided that an ABR Revolving Borrowing may be in an aggregate
amount that is equal to the entire unused balance of the total Commitments or
that is required to finance the reimbursement of an LC Disbursement as
contemplated by Section 2.06(e). Each Competitive Borrowing shall be in an
aggregate amount that is an integral multiple of $1,000,000 and not less than
$5,000,000. Each Swingline Loan shall be in an amount that is an integral
multiple of $100,000 and not less than $100,000. Borrowings of more than one
Type and Class may be outstanding at the same time; provided that there shall
not at any time be more than a total of six Eurodollar Revolving Borrowings
outstanding.
(d) Notwithstanding any other provision of this Agreement, the
Borrower shall not be entitled to request, or to elect to convert or continue,
any Borrowing if the Interest Period requested with respect thereto would end
after the Maturity Date.
SECTION 2.03. Requests for Revolving Borrowings. To request a
Revolving Borrowing, the Borrower shall notify the Administrative Agent of such
request by telephone (a) in the case of a Eurodollar Borrowing, not later than
11:00 a.m., New York City time, three Business Days before the date of the
proposed Borrowing or (b) in the case of an ABR Borrowing, not later than 11:00
a.m., New York City time, on the date of the proposed Borrowing; provided that
any such notice of an ABR Revolving Borrowing to finance the reimbursement of an
LC Disbursement as contemplated by Section 2.06(e) may be given not later than
10:00 a.m., New York City time, on the date of the proposed Borrowing. Each such
telephonic Borrowing Request shall be irrevocable and shall be confirmed
promptly by hand delivery or telecopy to the Administrative Agent of a written
Borrowing Request signed by the Borrower. Each such telephonic and written
Borrowing Request shall specify the following information in compliance with
Section 2.02:
(i) the aggregate amount of the requested
Borrowing;
(ii) the date of such Borrowing, which shall be a
Business Day;
(iii) whether such Borrowing is to be an ABR
Borrowing or a Eurodollar Borrowing;
(iv) in the case of a Eurodollar Borrowing, the
initial Interest Period to be applicable thereto, which shall be
a period contemplated by the definition of the term "Interest
Period"; and
(v) the location and number of the Borrower's
account to which funds are to be disbursed, which shall comply
with the requirements of Section 2.07.
If no election as to the Type of Revolving Borrowing is specified, then the
requested Revolving Borrowing shall be an ABR Borrowing. If no Interest Period
18
is specified with respect to any requested Eurodollar Revolving Borrowing, then
the Borrower shall be deemed to have selected an Interest Period of one month's
duration. Promptly following receipt of a Borrowing Request in accordance with
this Section, the Administrative Agent shall advise each Lender of the details
thereof and of the amount of such Lender's Loan to be made as part of the
requested Borrowing.
SECTION 2.04. Competitive Bid Procedure. (a) Subject to the terms
and conditions set forth herein, from time to time during the Availability
Period the Borrower may request Competitive Bids and may (but shall not have any
obligation to) accept Competitive Bids and borrow Competitive Loans; provided
that the sum of the total Revolving Credit Exposures plus the aggregate
principal amount of outstanding Competitive Loans at any time shall not exceed
the total Commitments. To request Competitive Bids, the Borrower shall notify
the Administrative Agent of such request by telephone, in the case of a
Eurodollar Borrowing, not later than 11:00 a.m., New York City time, four
Business Days before the date of the proposed Borrowing and, in the case of a
Fixed Rate Borrowing, not later than 11:00 a.m., New York City time, one
Business Day before the date of the proposed Borrowing; provided that the
Borrower may submit up to (but not more than) three Competitive Bid Requests on
the same day, but a Competitive Bid Request shall not be made within five (5)
Business Days after the date of any previous Competitive Bid Request, unless any
and all such previous Competitive Bid Requests shall have been withdrawn or all
Competitive Bids received in response thereto rejected. Each such telephonic
Competitive Bid Request shall be confirmed promptly by hand delivery or telecopy
to the Administrative Agent of a written Competitive Bid Request signed by the
Borrower. Each such telephonic and written Competitive Bid Request shall specify
the following information in compliance with Section 2.02:
(i) the aggregate amount of the requested
Borrowing;
(ii) the date of such Borrowing, which shall be
a Business Day;
(iii) whether such Borrowing is to be a
Eurodollar Borrowing or a Fixed Rate Borrowing;
(iv) the Interest Period to be applicable to
such Borrowing, which shall be a period contemplated by the
definition of the term "Interest Period";
(v) the location and number of the Borrower's
account to which funds are to be disbursed, which shall comply
with the requirements of Section 2.07; and
(vi) the maturity date or dates of the requested
Borrowing.
Promptly following receipt of a Competitive Bid Request in accordance with this
Section, the Administrative Agent shall notify the Lenders of the details
thereof by telecopy, inviting the Lenders to submit Competitive Bids.
(b) Each Lender may (but shall not have any obligation to) make
one or more Competitive Bids to the Borrower in response to a Competitive Bid
Request. Each Competitive Bid by a Lender must be in a form approved by the
Administrative Agent and must be received by the Administrative Agent by
telecopy, in the case of a Eurodollar Competitive Borrowing, not later than 9:30
a.m., New York City time, three Business Days before the proposed date of such
Competitive Borrowing, and in the case of a Fixed Rate Borrowing, not later than
9:30 a.m., New York City time, on the proposed date of such Competitive
Borrowing. Competitive Bids that do not conform substantially to the form
approved by the Administrative Agent may be rejected by the Administrative
Agent, and the Administrative Agent shall so notify the applicable Lender and
the Borrower as promptly as practicable. Each Competitive Bid shall specify (i)
19
the principal amount (which shall be a minimum of $5,000,000 and an integral
multiple of $1,000,000 and which may equal the entire principal amount of the
Competitive Borrowing requested by the Borrower) of the Competitive Loan or
Competitive Loans, as the case may be, that the Lender is willing to make, (ii)
the Competitive Bid Rate or Competitive Bid Rates, as the case may be, at which
the Lender is prepared to make such Loan or Loans (expressed as a percentage
rate per annum in the form of a decimal to no more than four decimal places) and
(iii) the Interest Period applicable to each such Loan and the last day thereof.
(c) The Administrative Agent shall promptly notify the Borrower
by telecopy of the Competitive Bid Rate and the principal amount specified in
each Competitive Bid and the identity of the Lender that shall have made such
Competitive Bid.
(d) Subject only to the provisions of this paragraph, the
Borrower may accept or reject any Competitive Bid. The Borrower shall notify the
Administrative Agent by telephone, confirmed by telecopy in a form approved by
the Administrative Agent, whether and to what extent it has decided to accept or
reject each Competitive Bid, in the case of a Eurodollar Competitive Borrowing,
not later than 10:30 a.m., New York City time, three Business Days before the
date of the proposed Competitive Borrowing, and in the case of a Fixed Rate
Borrowing, not later than 10:30 a.m., New York City time, on the proposed date
of the Competitive Borrowing; provided that (i) the failure of the Borrower to
give such notice shall be deemed to be a rejection of each Competitive Bid, (ii)
the Borrower shall not accept a Competitive Bid made at a particular Competitive
Bid Rate if the Borrower rejects a Competitive Bid made at a lower Competitive
Bid Rate, (iii) the aggregate amount of the Competitive Bids accepted by the
Borrower shall not exceed the aggregate amount of the requested Competitive
Borrowing specified in the related Competitive Bid Request, (iv) to the extent
necessary to comply with clause (iii) above, the Borrower may accept Competitive
Bids at the same Competitive Bid Rate in part, which acceptance, in the case of
multiple Competitive Bids at such Competitive Bid Rate, shall be made pro rata
in accordance with the amount of each such Competitive Bid, and (v) except
pursuant to clause (iv) above, no Competitive Bid shall be accepted for a
Competitive Loan unless such Competitive Loan is in a minimum principal amount
of $5,000,000 and an integral multiple of $1,000,000; provided further that if a
Competitive Loan must be in an amount less than $5,000,000 because of the
provisions of clause (iv) above, such Competitive Loan may be for a minimum of
$1,000,000 or any integral multiple thereof, and in calculating the pro rata
allocation of acceptances of portions of multiple Competitive Bids at a
particular Competitive Bid Rate pursuant to clause (iv) the amounts shall be
rounded to integral multiples of $1,000,000 in a manner determined by the
Borrower. A notice given by the Borrower pursuant to this paragraph shall be
irrevocable.
(e) The Administrative Agent shall promptly notify each bidding
Lender by telecopy whether or not its Competitive Bid has been accepted (and, if
so, the amount and Competitive Bid Rate so accepted), and each successful bidder
will thereupon become bound, subject to the terms and conditions hereof, to make
the Competitive Loan in respect of which its Competitive Bid has been accepted.
(f) If the Administrative Agent shall elect to submit a
Competitive Bid in its capacity as a Lender, it shall submit such Competitive
Bid directly to the Borrower at least one quarter of an hour earlier than the
time by which the other Lenders are required to submit their Competitive Bids to
the Administrative Agent pursuant to paragraph (b) of this Section.
SECTION 2.05. Swingline Loans. (a) Subject to the terms and
conditions set forth herein, the Swingline Lender agrees to make Swingline Loans
to the Borrower from time to time during the Availability Period, in an
aggregate principal amount at any time outstanding that will not result in (i)
the aggregate principal amount of outstanding Swingline Loans exceeding
$20,000,000 or (ii) the sum of the total Revolving Credit Exposures plus the
20
aggregate principal amount of outstanding Competitive Loans exceeding the total
Commitments; provided that the Swingline Lender shall not be required to make a
Swingline Loan to refinance an outstanding Swingline Loan. Within the foregoing
limits and subject to the terms and conditions set forth herein, the Borrower
may borrow, prepay and reborrow Swingline Loans.
(b) To request a Swingline Loan, the Borrower shall notify the
Administrative Agent of such request by telephone (confirmed by telecopy), not
later than 12:00 noon, New York City time, on the day of a proposed Swingline
Loan. Each such notice shall be irrevocable and shall specify the requested date
(which shall be a Business Day) and amount of the requested Swingline Loan. The
Administrative Agent will promptly advise the Swingline Lender of any such
notice received from the Borrower. The Swingline Lender shall make each
Swingline Loan available to the Borrower by means of a credit to the general
deposit account of the Borrower with the Swingline Lender (or, in the case of a
Swingline Loan made to finance the reimbursement of an LC Disbursement as
provided in Section 2.06(e), by remittance to the Issuing Bank) by 3:00 p.m.,
New York City time, on the requested date of such Swingline Loan.
(c) The Swingline Lender may by written notice given to the
Administrative Agent not later than 10:00 a.m., New York City time, on any
Business Day require the Lenders to acquire participations on such Business Day
in all or a portion of the Swingline Loans outstanding. Such notice shall
specify the aggregate amount of Swingline Loans in which the Lenders will
participate. Promptly upon receipt of such notice, the Administrative Agent will
give notice thereof to each Lender, specifying in such notice such Lender's
Applicable Percentage of such Swingline Loan or Swingline Loans, as the case may
be. Each Lender hereby absolutely and unconditionally agrees, upon receipt of
notice as provided above, to pay to the Administrative Agent, for the account of
the Swingline Lender, such Lender's Applicable Percentage of such Swingline Loan
or Swingline Loans, as the case may be. Each Lender acknowledges and agrees that
its obligation to acquire participations in Swingline Loans pursuant to this
paragraph is absolute and unconditional and shall not be affected by any
circumstance whatsoever, including the occurrence and continuance of a Default
or reduction or termination of the Commitments, and that each such payment shall
be made without any offset, abatement, withholding or reduction whatsoever. Each
Lender shall comply with its obligation under this paragraph by wire transfer of
immediately available funds, in the same manner as provided in Section 2.07 with
respect to Loans made by such Lender (and Section 2.07 shall apply, mutatis
mutandis, to the payment obligations of the Lenders), and the Administrative
Agent shall promptly pay to the Swingline Lender the amounts so received by it
from the Lenders. The Administrative Agent shall notify the Borrower of any
participations in any Swingline Loan acquired pursuant to this paragraph, and
thereafter payments in respect of such Swingline Loan shall be made to the
Administrative Agent and not to the Swingline Lender. Any amounts received by
the Swingline Lender from the Borrower (or other party on behalf of the
Borrower) in respect of a Swingline Loan after receipt by the Swingline Lender
of the proceeds of a sale of participations therein shall be promptly remitted
to the Administrative Agent; any such amounts received by the Administrative
Agent shall be promptly remitted by the Administrative Agent to the Lenders that
shall have made their payments pursuant to this paragraph and to the Swingline
Lender, as their interests may appear. The purchase of participations in a
Swingline Loan pursuant to this paragraph shall not relieve the Borrower of any
default in the payment thereof.
SECTION 2.06. Letters of Credit. (a) General. Subject to the
terms and conditions set forth herein, the Borrower may request the issuance of
Letters of Credit for its own account, in a form reasonably acceptable to the
Administrative Agent and the Issuing Bank, at any time and from time to time
during the Availability Period. In the event of any inconsistency between the
terms and conditions of this Agreement and the terms and conditions of any form
of letter of credit application or other agreement submitted by the Borrower to,
or entered into by the Borrower with, the Issuing Bank relating to any Letter of
Credit, the terms and conditions of this Agreement shall control.
21
(b) Notice of Issuance, Amendment, Renewal, Extension; Certain
Conditions. To request the issuance of a Letter of Credit (or the amendment,
renewal or extension of an outstanding Letter of Credit), the Borrower shall
hand deliver or telecopy (or transmit by electronic communication, if
arrangements for doing so have been approved by the Issuing Bank) to the Issuing
Bank and the Administrative Agent three Business Days (or such shorter period as
may be acceptable to the Issuing Bank) in advance of the requested date of
issuance, amendment, renewal or extension) a notice requesting the issuance of a
Letter of Credit, or identifying the Letter of Credit to be amended, renewed or
extended, and specifying the date of issuance, amendment, renewal or extension
(which shall be a Business Day), the date on which such Letter of Credit is to
expire (which shall comply with paragraph (c) of this Section), the amount of
such Letter of Credit, the name and address of the beneficiary thereof and such
other information as shall be necessary to prepare, amend, renew or extend such
Letter of Credit. If requested by the Issuing Bank, the Borrower also shall
submit a letter of credit application on the Issuing Bank's standard form in
connection with any request for a Letter of Credit. A Letter of Credit shall be
issued, amended, renewed or extended if and only if (and upon issuance,
amendment, renewal or extension of each Letter of Credit the Borrower shall be
deemed to represent and warrant that), after giving effect to such issuance,
amendment, renewal or extension (i) the LC Exposure shall not exceed $50,000,000
and (ii) the sum of the total Revolving Credit Exposures plus the aggregate
principal amount of outstanding Competitive Loans shall not exceed the total
Commitments.
(c) Expiration Date. Each Letter of Credit shall expire at or
prior to the close of business on the earlier of (i) the date one year after the
date of the issuance of such Letter of Credit (or, in the case of any renewal or
extension thereof, one year after such renewal or extension) and (ii) the date
that is five Business Days prior to the Maturity Date.
(d) Participations. By the issuance of a Letter of Credit (or an
amendment to a Letter of Credit increasing the amount thereof) and without any
further action on the part of the Issuing Bank or the Lenders, the Issuing Bank
hereby grants to each Lender, and each Lender hereby acquires from the Issuing
Bank, a participation in such Letter of Credit equal to such Lender's Applicable
Percentage of the aggregate amount available to be drawn under such Letter of
Credit. In consideration and in furtherance of the foregoing, each Lender hereby
absolutely and unconditionally agrees to pay to the Administrative Agent, for
the account of the Issuing Bank, such Lender's Applicable Percentage of each LC
Disbursement made by the Issuing Bank and not reimbursed by the Borrower on the
date due as provided in paragraph (e) of this Section, or of any reimbursement
payment required to be refunded to the Borrower for any reason. Each Lender
acknowledges and agrees that its obligation to acquire participations pursuant
to this paragraph in respect of Letters of Credit is absolute and unconditional
and shall not be affected by any circumstance whatsoever, including any
amendment, renewal or extension of any Letter of Credit or the occurrence and
continuance of a Default or reduction or termination of the Commitments, and
that each such payment shall be made without any offset, abatement, withholding
or reduction whatsoever.
(e) Reimbursement. If the Issuing Bank shall make any LC
Disbursement in respect of a Letter of Credit, the Borrower shall reimburse such
LC Disbursement by paying to the Administrative Agent an amount equal to such LC
Disbursement not later than 12:00 noon, New York City time, on the date that
such LC Disbursement is made, if the Borrower shall have received notice of such
LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if
such notice has not been received by the Borrower prior to such time on such
date, then not later than 12:00 noon, New York City time, on the Business Day
immediately following the day that the Borrower receives such notice; provided
that the Borrower may, subject to the conditions to borrowing set forth herein,
request in accordance with Section 2.03 or 2.05 that such payment be financed
with an ABR Revolving Borrowing or Swingline Loan in an equivalent amount and,
to the extent so financed, the Borrower's obligation to make such payment shall
22
be discharged and replaced by the resulting ABR Revolving Borrowing or Swingline
Loan. If the Borrower fails to make such payment when due, the Administrative
Agent shall notify each Lender of the applicable LC Disbursement, the payment
then due from the Borrower in respect thereof and such Lender's Applicable
Percentage thereof. Promptly following receipt of such notice, each Lender shall
pay to the Administrative Agent its Applicable Percentage of the payment then
due from the Borrower, in the same manner as provided in Section 2.07 with
respect to Loans made by such Lender (and Section 2.07 shall apply, mutatis
mutandis, to the payment obligations of the Lenders), and the Administrative
Agent shall promptly pay to the Issuing Bank the amounts so received by it from
the Lenders. Promptly following receipt by the Administrative Agent of any
payment from the Borrower pursuant to this paragraph, the Administrative Agent
shall distribute such payment to the Issuing Bank or, to the extent that Lenders
have made payments pursuant to this paragraph to reimburse the Issuing Bank,
then to such Lenders and the Issuing Bank as their interests may appear. Any
payment made by a Lender pursuant to this paragraph to reimburse the Issuing
Bank for any LC Disbursement (other than the funding of ABR Revolving Loans or a
Swingline Loan as contemplated above) shall not constitute a Loan and shall not
relieve the Borrower of its obligation to reimburse such LC Disbursement.
(f) Obligations Absolute. The Borrower's obligation to reimburse
LC Disbursements as provided in paragraph (e) of this Section shall be absolute,
unconditional and irrevocable, and shall be performed strictly in accordance
with the terms of this Agreement under any and all circumstances whatsoever and
irrespective of (i) any lack of validity or enforceability of any Letter of
Credit or this Agreement, or any term or provision therein, (ii) any draft or
other document presented under a Letter of Credit proving to be forged,
fraudulent or invalid in any respect or any statement therein being untrue or
inaccurate in any respect, (iii) payment by the Issuing Bank under a Letter of
Credit against presentation of a draft or other document that does not comply
with the terms of such Letter of Credit, or (iv) any other event or circumstance
whatsoever, whether or not similar to any of the foregoing, that might, but for
the provisions of this Section, constitute a legal or equitable discharge of, or
provide a right of setoff against, the Borrower's obligations hereunder. Neither
the Administrative Agent, the Lenders nor the Issuing Bank, nor any of their
Related Parties, shall have any liability or responsibility by reason of or in
connection with the issuance or transfer of any Letter of Credit or any payment
or failure to make any payment thereunder (irrespective of any of the
circumstances referred to in the preceding sentence), or any error, omission,
interruption, loss or delay in transmission or delivery of any draft, notice or
other communication under or relating to any Letter of Credit (including any
document required to make a drawing thereunder), any error in interpretation of
technical terms or any consequence arising from causes beyond the control of the
Issuing Bank; provided that the foregoing shall not be construed to excuse the
Issuing Bank from liability to the Borrower to the extent of any direct damages
(as opposed to consequential damages, claims in respect of which are hereby
waived by the Borrower to the extent permitted by applicable law) suffered by
the Borrower that are caused by the Issuing Bank's failure to exercise care when
determining whether drafts and other documents presented under a Letter of
Credit comply with the terms thereof. The parties hereto expressly agree that,
in the absence of gross negligence or wilful misconduct on the part of the
Issuing Bank (as finally determined by a court of competent jurisdiction), the
Issuing Bank shall be deemed to have exercised care in each such determination.
In furtherance of the foregoing and without limiting the generality thereof, the
parties agree that, with respect to documents presented which appear on their
face to be in substantial compliance with the terms of a Letter of Credit, the
Issuing Bank may, in its sole discretion, either accept and make payment upon
such documents without responsibility for further investigation, regardless of
any notice or information to the contrary, or refuse to accept and make payment
upon such documents if such documents are not in strict compliance with the
terms of such Letter of Credit.
(g) Disbursement Procedures. The Issuing Bank shall, promptly
following its receipt thereof, examine all documents purporting to represent a
demand for payment under a Letter of Credit. The Issuing Bank shall promptly
23
notify the Administrative Agent and the Borrower by telephone (confirmed by
telecopy) of such demand for payment and whether the Issuing Bank has made or
will make an LC Disbursement thereunder; provided that any failure to give or
delay in giving such notice shall not relieve the Borrower of its obligation to
reimburse the Issuing Bank and the Lenders with respect to any such LC
Disbursement.
(h) Interim Interest. If the Issuing Bank shall make any LC
Disbursement, then, unless the Borrower shall reimburse such LC Disbursement in
full on the date such LC Disbursement is made, the unpaid amount thereof shall
bear interest, for each day from and including the date such LC Disbursement is
made to but excluding the date that the Borrower reimburses such LC
Disbursement, at the rate per annum then applicable to ABR Revolving Loans;
provided that, if the Borrower fails to reimburse such LC Disbursement when due
pursuant to paragraph (e) of this Section, then Section 2.13(d) shall apply.
Interest accrued pursuant to this paragraph shall be for the account of the
Issuing Bank, except that interest accrued on and after the date of payment by
any Lender pursuant to paragraph (e) of this Section to reimburse the Issuing
Bank shall be for the account of such Lender to the extent of such payment.
(i) Replacement of the Issuing Bank. The Issuing Bank may be
replaced at any time by written agreement among the Borrower, the Administrative
Agent, the replaced Issuing Bank and the successor Issuing Bank. The
Administrative Agent shall notify the Lenders of any such replacement of the
Issuing Bank. At the time any such replacement shall become effective, the
Borrower shall pay all unpaid fees accrued for the account of the replaced
Issuing Bank pursuant to Section 2.12(b). From and after the effective date of
any such replacement, (i) the successor Issuing Bank shall have all the rights
and obligations of the Issuing Bank under this Agreement with respect to Letters
of Credit to be issued thereafter and (ii) references herein to the term
"Issuing Bank" shall be deemed to refer to such successor or to any previous
Issuing Bank, or to such successor and all previous Issuing Banks, as the
context shall require. After the replacement of an Issuing Bank hereunder, the
replaced Issuing Bank shall remain a party hereto and shall continue to have all
the rights and obligations of an Issuing Bank under this Agreement with respect
to Letters of Credit issued by it prior to such replacement, but shall not be
required to issue additional Letters of Credit.
(j) Cash Collateralization. If any Event of Default shall occur
and be continuing and if the maturity of the Loans has been accelerated pursuant
to Article VII, on the Business Day that the Borrower receives notice from the
Administrative Agent upon written request of the Required Lenders demanding the
deposit of cash collateral pursuant to this paragraph, the Borrower shall
deposit in an account with the Administrative Agent, in the name of the
Administrative Agent and for the benefit of the Lenders, an amount in cash equal
to the LC Exposure as of such date plus any accrued and unpaid interest thereon;
provided that the obligation to deposit such cash collateral shall become
effective immediately, and such deposit shall become immediately due and
payable, without demand or other notice of any kind, upon the occurrence of any
Event of Default with respect to the Borrower described in clause (h) or (i) of
Article VII. Such deposit shall be held by the Administrative Agent as
collateral for the payment and performance of the obligations of the Borrower
under this Agreement. The Administrative Agent shall have exclusive dominion and
control, including the exclusive right of withdrawal, over such account. Other
than any interest earned on the investment of such deposits, which investments
shall be made at the option and sole discretion of the Administrative Agent and
at the Borrower's risk and expense, such deposits shall not bear interest.
Interest or profits, if any, on such investments shall accumulate in such
account. Moneys in such account shall be applied by the Administrative Agent to
reimburse the Issuing Bank for LC Disbursements for which it has not been
reimbursed and, to the extent not so applied, shall be held for the satisfaction
of the reimbursement obligations of the Borrower for the LC Exposure at such
time or, if the maturity of the Loans has been accelerated (but subject to the
consent of Lenders with LC Exposure representing greater than 51% of the total
24
LC Exposure), be applied to satisfy other obligations of the Borrower under this
Agreement. If the Borrower is required to provide an amount of cash collateral
hereunder as a result of the occurrence of an Event of Default, such amount (to
the extent not applied as aforesaid) shall be returned to the Borrower within
three Business Days after all Events of Default have been cured or waived.
SECTION 2.07. Funding of Borrowings. (a) Each Lender shall make
each Loan to be made by it hereunder on the proposed date thereof by wire
transfer of immediately available funds by 1:00 p.m., New York City time, to the
account of the Administrative Agent most recently designated by it for such
purpose by notice to the Lenders; provided that Swingline Loans shall be made as
provided in Section 2.05. The Administrative Agent will make such Loans
available to the Borrower by promptly crediting the amounts so received, in like
funds, to an account designated by the Borrower in the applicable Borrowing
Request or Competitive Bid Request; provided that ABR Revolving Loans made to
finance the reimbursement of an LC Disbursement as provided in Section 2.06(e)
shall be remitted by the Administrative Agent to the Issuing Bank.
(b) Unless the Administrative Agent shall have received notice
from a Lender prior to the proposed date of any Borrowing that such Lender will
not make available to the Administrative Agent such Lender's share of such
Borrowing, the Administrative Agent may assume that such Lender has made such
share available on such date in accordance with paragraph (a) of this Section
and may, in reliance upon such assumption, make available to the Borrower a
corresponding amount. In such event, if a Lender has not in fact made its share
of the applicable Borrowing available to the Administrative Agent, then the
applicable Lender and the Borrower severally agree to pay to the Administrative
Agent forthwith on demand such corresponding amount with interest thereon, for
each day from and including the date such amount is made available to the
Borrower to but excluding the date of payment to the Administrative Agent, at
(i) in the case of such Lender, the greater of the Federal Funds Effective Rate
and a rate determined by the Administrative Agent in accordance with banking
industry rules on interbank compensation or (ii) in the case of the Borrower,
the interest rate applicable to such Borrowing. If such Lender pays such amount
to the Administrative Agent, then such amount shall constitute such Lender's
Loan included in such Borrowing.
SECTION 2.08. Interest Elections. (a) Each Revolving Borrowing
initially shall be of the Type specified in the applicable Borrowing Request
and, in the case of a Eurodollar Revolving Borrowing, shall have an initial
Interest Period as specified in such Borrowing Request. Thereafter, the Borrower
may elect to convert such Borrowing to a different Type or to continue such
Borrowing and, in the case of a Eurodollar Revolving Borrowing, may elect
Interest Periods therefor, all as provided in this Section. The Borrower may
elect different options with respect to different portions of the affected
Borrowing, in which case each such portion shall be allocated ratably among the
Lenders holding the Loans comprising such Borrowing, and the Loans comprising
each such portion shall be considered a separate Borrowing. This Section shall
not apply to Competitive Borrowings or Swingline Borrowings, which may not be
converted or continued.
(b) To make an election pursuant to this Section, the Borrower
shall notify the Administrative Agent of such election by telephone by the time
that a Borrowing Request would be required under Section 2.03 if the Borrower
were requesting a Revolving Borrowing of the Type resulting from such election
to be made on the effective date of such election. Each such telephonic Interest
Election Request shall be irrevocable and shall be confirmed promptly by hand
delivery or telecopy to the Administrative Agent of a written Interest Election
Request signed by the Borrower.
(c) Each telephonic and written Interest Election Request shall
specify the following information in compliance with Section 2.02:
25
(i) the Borrowing to which such Interest Election
Request applies and, if different options are being elected with
respect to different portions thereof, the portions thereof to be
allocated to each resulting Borrowing (in which case the
information to be specified pursuant to clauses (iii) and (iv)
below shall be specified for each resulting Borrowing);
(ii) the effective date of the election made pursuant to
such Interest Election Request, which shall be a Business Day;
(iii) whether the resulting Borrowing is to be an ABR
Borrowing or a Eurodollar Borrowing; and
(iv) if the resulting Borrowing is a Eurodollar Borrowing,
the Interest Period to be applicable thereto after giving effect
to such election, which shall be a period contemplated by the
definition of the term "Interest Period".
If any such Interest Election Request requests a Eurodollar Borrowing but does
not specify an Interest Period, then the Borrower shall be deemed to have
selected an Interest Period of one month's duration, in the case of a Eurodollar
Borrowing.
(d) Promptly following receipt of an Interest Election Request,
the Administrative Agent shall advise each Lender of the details thereof and of
such Lender's portion of each resulting Borrowing.
(e) If the Borrower fails to deliver a timely Interest Election
Request with respect to a Eurodollar Revolving Borrowing prior to the end of the
Interest Period applicable thereto, then, unless such Borrowing is repaid as
provided herein, at the end of such Interest Period such Borrowing shall be
converted to an ABR Borrowing. Notwithstanding any contrary provision hereof, if
an Event of Default has occurred and is continuing and the Administrative Agent,
at the request of the Required Lenders, so notifies the Borrower, then, so long
as an Event of Default is continuing (i) no outstanding Revolving Borrowing may
be converted to or continued as a Eurodollar Borrowing and (ii) unless repaid,
each Eurodollar Revolving Borrowing shall be converted to an ABR Borrowing at
the end of the Interest Period applicable thereto.
SECTION 2.09. Termination and Reduction of Commitments. (a)
Unless previously terminated, the Commitments shall terminate on the Maturity
Date.
(b) The Borrower may at any time terminate, or from time to time
reduce, the Commitments; provided that (i) each reduction of the Commitments
shall be in an amount that is an integral multiple of $1,000,000 and not less
than $5,000,000 and (ii) the Borrower shall not terminate or reduce the
Commitments if, after giving effect to any concurrent prepayment of the Loans in
accordance with Section 2.11, the sum of the Revolving Credit Exposures plus the
aggregate principal amount of outstanding Competitive Loans would exceed the
total Commitments.
(c) The Borrower shall notify the Administrative Agent of any
election to terminate or reduce the Commitments under paragraph (b) of this
Section at least three Business Days prior to the effective date of such
termination or reduction, specifying such election and the effective date
thereof. Promptly following receipt of any notice, the Administrative Agent
shall advise the Lenders of the contents thereof. Each notice delivered by the
Borrower pursuant to this Section shall be irrevocable; provided that a notice
of termination of the Commitments delivered by the Borrower may state that such
notice is conditioned upon the effectiveness of other credit facilities, in
which case such notice may be revoked by the Borrower (by notice to the
Administrative Agent on or prior to the specified effective date) if such
26
condition is not satisfied. Any termination or reduction of the Commitments
shall be permanent. Each reduction of the Commitments shall be made ratably
among the Lenders in accordance with their respective Commitments.
SECTION 2.10. Repayment of Loans; Evidence of Debt. (a) The
Borrower hereby unconditionally promises to pay (i) to the Administrative Agent
for the account of each Lender the then unpaid principal amount of each
Revolving Loan on the Maturity Date, (ii) to the Administrative Agent for the
account of each Lender the then unpaid principal amount of each Competitive Loan
owed to such Lender on the last day of the Interest Period applicable to such
Loan and (iii) to the Swingline Lender the then unpaid principal amount of each
Swingline Loan on the earlier of the Maturity Date and a date that is not more
than seven Business Days after such Swingline Loan is made; provided that on
each date that a Revolving Borrowing or Competitive Borrowing is made, the
Borrower shall repay all Swingline Loans then outstanding.
(b) Each Lender shall maintain in accordance with its usual
practice an account or accounts evidencing the indebtedness of the Borrower to
such Lender resulting from each Loan made by such Lender, including the amounts
of principal and interest payable and paid to such Lender from time to time
hereunder.
(c) The Administrative Agent shall maintain accounts in which it
shall record (i) the amount of each Loan made hereunder, the Class and Type
thereof and the Interest Period applicable thereto, (ii) the amount of any
principal or interest due and payable or to become due and payable from the
Borrower to each Lender hereunder and (iii) the amount of any sum received by
the Administrative Agent hereunder for the account of the Lenders and each
Lender's share thereof.
(d) The entries made in the accounts maintained pursuant to
paragraph (b) or (c) of this Section shall be prima facie evidence of the
existence and amounts of the obligations recorded therein; provided that the
failure of any Lender or the Administrative Agent to maintain such accounts or
any error therein shall not in any manner affect the obligation of the Borrower
to repay the Loans in accordance with the terms of this Agreement.
(e) Any Lender may request that Loans made by it be evidenced by
a promissory note. In such event, the Borrower shall prepare, execute and
deliver to such Lender a promissory note payable to the order of such Lender
(or, if requested by such Lender, to such Lender and its registered assigns) and
in the form of (i) with respect to Revolving Loans, Exhibit G, (ii) with respect
to Competitive Loans, Exhibit H, and (iii) with respect to Swingline Loans,
Exhibit I. Thereafter, the Loans evidenced by such promissory note and interest
thereon shall at all times (including after assignment pursuant to Section 9.04)
be represented by one or more promissory notes in such form payable to the order
of the payee named therein (or, if such promissory note is a registered note, to
such payee and its registered assigns).
SECTION 2.11. Prepayment of Loans. (a) The Borrower shall have
the right at any time and from time to time to prepay any Borrowing in whole or
in part, subject to prior notice in accordance with paragraph (b) of this
Section; provided that the Borrower shall not have the right to prepay any
Competitive Loan without the prior consent of the Lender thereof.
(b) The Borrower shall notify the Administrative Agent (and, in
the case of prepayment of a Swingline Loan, the Swingline Lender) by telephone
(confirmed by telecopy) of any prepayment hereunder (i) in the case of
prepayment of a Eurodollar Revolving Borrowing, not later than 11:00 a.m., New
York City time, three Business Days before the date of prepayment, (ii) in the
case of prepayment of an ABR Revolving Borrowing, not later than 11:00 a.m., New
York City time, on the date of prepayment or (iii) in the case of prepayment of
27
a Swingline Loan, not later than 12:00 noon, New York City time, on the date of
prepayment. Each such notice shall be irrevocable and shall specify the
prepayment date and the principal amount of each Borrowing or portion thereof to
be prepaid; provided that, if a notice of prepayment is given in connection with
a conditional notice of termination of the Commitments as contemplated by
Section 2.09, then such notice of prepayment may be revoked if such notice of
termination is revoked in accordance with Section 2.09. Promptly following
receipt of any such notice relating to a Revolving Borrowing, the Administrative
Agent shall advise the Lenders of the contents thereof. Each partial prepayment
of any Revolving Borrowing shall be in an amount that is an integral multiple of
$1,000,000 and not less than $1,000,000 in the case of an ABR Revolving
Borrowing, or $3,000,000 in the case of a Eurodollar Revolving Borrowing. Each
prepayment of a Revolving Borrowing shall be applied ratably to the Loans
included in the prepaid Borrowing. Prepayments shall be accompanied by accrued
interest to the extent required by Section 2.13.
SECTION 2.12. Fees. (a) The Borrower agrees to pay to the
Administrative Agent for the account of each Lender a facility fee, which shall
accrue at the Applicable Rate on the daily amount of the Commitment of such
Lender (whether used or unused) during the period from and including the
Effective Date to but excluding the date on which such Commitment terminates;
provided that, if such Lender continues to have any Revolving Credit Exposure
after its Commitment terminates, then such facility fee shall continue to accrue
on the daily amount of such Lender's Revolving Credit Exposure from and
including the date on which its Commitment terminates to but excluding the date
on which such Lender ceases to have any Revolving Credit Exposure. Accrued
facility fees shall be payable in arrears on the last day of March, June,
September and December of each year and on the date on which the Commitments
terminate, commencing on the first such date to occur after the date hereof;
provided that any facility fees accruing after the date on which the Commitments
terminate shall be payable on demand. All facility fees and utilization fees
shall be computed on the basis of a year of 365 days (or 366 days in leap year)
and shall be payable for the actual number of days elapsed (including the first
day but excluding the last day). In addition to the foregoing, the Borrower
agrees to pay to the Administrative Agent for the account of each Lender a
utilization fee, which shall accrue and be payable on Loans made hereunder at a
rate of 0.125% per annum whenever the aggregate amount of Loans outstanding plus
amounts outstanding under the 364-Day Credit Facility exceed 50% of the total
Commitments plus the 364-Day Credit Facility Commitments.
(b) The Borrower agrees to pay (i) to the Administrative Agent
for the account of each Lender a participation fee with respect to its
participations in Letters of Credit, which shall accrue at the same Applicable
Rate as interest on Eurodollar Revolving Loans on the average daily amount of
such Lender's LC Exposure (excluding any portion thereof attributable to
unreimbursed LC Disbursements) during the period from and including the
Effective Date to but excluding the date on which such Lender ceases to have any
LC Exposure, and (ii) to the Issuing Bank a fronting fee, which shall accrue at
the rate of 1/8% per annum on the average daily amount of the LC Exposure
(excluding any portion thereof attributable to unreimbursed LC Disbursements)
during the period from and including the Effective Date to but excluding the
date on which there ceases to be any LC Exposure, as well as the Issuing Bank's
standard fees with respect to the issuance, amendment, renewal or extension of
any Letter of Credit or processing of drawings thereunder. Participation fees
and fronting fees accrued through and including the last day of March, June,
September and December of each year shall be payable quarterly on the third
Business Day following the last day of March, June, September and December of
each year, commencing on the first such date to occur after the Effective Date;
provided that all such fees shall be payable on the date on which the
Commitments terminate and any such fees accruing after the date on which the
Commitments terminate shall be payable on demand. Any other fees payable to the
Issuing Bank pursuant to this paragraph shall be payable within 10 days after
demand. All participation fees and fronting fees shall be computed on the basis
28
of a year of 365 days (or 366 days in leap year) and shall be payable for the
actual number of days elapsed (including the first day but excluding the last
day).
(c) The Borrower agrees to pay to the Administrative Agent, for
its own account, a fee of $1,500 for each Competitive Bid Request if the
Borrower accepts any Competitive Bid received pursuant to such Competitive Bid
Request, payable on the date of such acceptance.
(d) The Borrower agrees to pay to the Administrative Agent, for
its own account, fees payable in the amounts and at the times separately agreed
upon between the Borrower and the Administrative Agent.
(e) All fees payable hereunder shall be paid on the dates due,
in immediately available funds, to the Administrative Agent (or to the Issuing
Bank, in the case of fees payable to it) for distribution, in the case of
facility fees, utilization fees and participation fees, to the Lenders. Fees
paid shall not be refundable under any circumstances.
SECTION 2.13. Interest. (a) The Loans comprising each ABR
Borrowing (including each wingline Loan) shall bear interest at the Alternate
Base Rate.
(b) The Loans comprising each Eurodollar Borrowing shall bear
interest (i) in the case of a Eurodollar Revolving Loan, at the LIBO Rate for
the Interest Period in effect for such Borrowing plus the Applicable Rate, or
(ii) in the case of a Eurodollar Competitive Loan, at the LIBO Rate for the
Interest Period in effect for such Borrowing plus (or minus, as applicable) the
Margin applicable to such Loan.
(c) Each Fixed Rate Loan shall bear interest at the Fixed Rate
applicable to such Loan.
(d) Notwithstanding the foregoing, if any principal of or
interest on any Loan or any fee or other amount payable by the Borrower
hereunder is not paid when due, whether at stated maturity, upon acceleration or
otherwise, such overdue amount shall bear interest, after as well as before
judgment, at a rate per annum equal to (i) in the case of overdue principal of
any Loan, 2% plus the rate otherwise applicable to such Loan as provided in the
preceding paragraphs of this Section or (ii) in the case of any other amount, 2%
plus the rate applicable to ABR Loans as provided in paragraph (a) of this
Section.
(e) Accrued interest on each Loan shall be payable in arrears on
each Interest Payment Date for such Loan and, in the case of Revolving Loans,
upon termination of the Commitments; provided that (i) interest accrued pursuant
to paragraph (d) of this Section shall be payable on demand, (ii) in the event
of any repayment or prepayment of any Loan (other than a prepayment of an ABR
Revolving Loan prior to the end of the Availability Period), accrued interest on
the principal amount repaid or prepaid shall be payable on the date of such
repayment or prepayment and (iii) in the event of any conversion of any
Eurodollar Revolving Loan prior to the end of the current Interest Period
therefor, accrued interest on such Loan shall be payable on the effective date
of such conversion.
(f) All interest determined by reference to the LIBO Rate or
clause (b) of the definition of Alternate Base Rate shall be computed on the
basis of a year of 360 days, and all other interest shall be computed on the
basis of a year of 365 days (or 366 days in a leap year), and in each case shall
be payable for the actual number of days elapsed (including the first day but
excluding the last day). The applicable Alternate Base Rate or LIBO Rate shall
be determined by the Administrative Agent, and such determination shall be
conclusive absent manifest error.
29
(g) The Borrower shall pay to each Lender, so long as such
Lender shall be required under regulations of the Board to maintain reserves
with respect to liabilities or assets consisting of or including Eurocurrency
Liabilities, additional interest on the unpaid principal amount of each
Borrowing of such Lender during such periods as such Borrowing is a Revolving
Eurodollar Borrowing, from the date of such Borrowing until such principal
amount is paid in full, at an interest rate per annum equal at all times to the
remainder obtained by subtracting (i) the LIBO Rate for the Interest Period in
effect for such Revolving Eurodollar Borrowing from (ii) the rate obtained by
dividing such LIBO Rate by a percentage equal to 100% minus the Eurodollar Rate
Reserve Percentage of such Lender for such Interest Period. Such additional
interest shall be determined by such Lender. The Borrower shall from time to
time, within 15 days after demand (which demand shall be accompanied by a
certificate comporting with the requirements set forth in Section 2.15(c)) by
such Lender (with a copy of such demand and certificate to the Administrative
Agent) pay to the Lender giving such notice such additional interest; provided,
however, that the Borrower shall not be required to pay to such Lender any
portion of such additional interest that accrued more than 90 days prior to any
such demand, unless such additional interest was not determinable on the date
that is 90 days prior to such demand.
SECTION 2.14. Alternate Rate of Interest. If prior to the
commencement of any Interest Period for a Eurodollar Borrowing:
(a) the Administrative Agent determines (which
determination shall be conclusive absent manifest error) that
adequate and reasonable means do not exist for ascertaining the
LIBO Rate, as applicable, for such Interest Period; or
(b) the Administrative Agent is advised by the
Required Lenders (or, in the case of a Eurodollar Competitive
Loan, the Lender that is required to make such Loan) that the
LIBO Rate, as applicable, for such Interest Period will not
adequately and fairly reflect the cost to such Lenders (or
Lender) of making or maintaining their Loans (or its Loan)
included in such Borrowing for such Interest Period;
then the Administrative Agent shall give notice thereof to the Borrower and the
Lenders by telephone or telecopy as promptly as practicable thereafter and,
until the Administrative Agent notifies the Borrower and the Lenders that the
circumstances giving rise to such notice no longer exist, (i) any Interest
Election Request that requests the conversion of any Revolving Borrowing to, or
continuation of any Revolving Borrowing as, a Eurodollar Borrowing shall be
ineffective, (ii) if any Borrowing Request requests a Eurodollar Revolving
Borrowing, such Borrowing shall be made as an ABR Borrowing, and (iii) any
request by the Borrower for a Eurodollar Competitive Borrowing shall be
ineffective; provided that (A) if the circumstances giving rise to such notice
do not affect all the Lenders, then requests by the Borrower for Eurodollar
Competitive Borrowings may be made to Lenders that are not affected thereby and
(B) if the circumstances giving rise to such notice affect only one Type of
Borrowings, then the other Type of Borrowings shall be permitted.
SECTION 2.15. Illegality; Increased Costs. (a) If any Change in
Law shall make it unlawful or impossible for any Lender to make, maintain or
fund its Eurodollar Loans, such Lender shall so notify the Administrative Agent.
Upon receipt of such notice, the Administrative Agent shall immediately give
notice thereof to the other Lenders and to the Borrower, whereupon until such
Lender notifies the Borrower and the Administrative Agent that the circumstances
giving rise to such suspension no longer exist, the obligation of such Lender to
make Eurodollar Loans shall be suspended. If such Lender shall determine that it
may not lawfully continue to maintain and fund any of its outstanding Eurodollar
Loans to maturity and shall so specify in such notice, the Borrower shall
immediately prepay (which prepayment shall not be subject to Section 2.11) in
30
full the then outstanding principal amount of such Eurodollar Loans, together
with the accrued interest thereon.
(b) If any Change in Law shall:
(i) impose, modify or deem applicable any
reserve, special deposit or similar requirement against assets
of, deposits with or for the account of, or credit extended by,
any Lender (except any such reserve requirement reflected in
Section 2.13(g)) or the Issuing Bank; or
(ii) impose on any Lender or the Issuing Bank or
the London interbank market any other condition affecting this
Agreement or Eurodollar Loans or Fixed Rate Loans made by such
Lender or any Letter of Credit or participation therein;
and the result of any of the foregoing shall be to increase the cost to such
Lender of making or maintaining any Eurodollar Loan or Fixed Rate Loan (or of
maintaining its obligation to make any such Loan) or to increase the cost to
such Lender or the Issuing Bank of participating in, issuing or maintaining any
Letter of Credit or to reduce the amount of any sum received or receivable by
such Lender or the Issuing Bank hereunder (whether of principal, interest or
otherwise), then the Borrower will pay to such Lender or the Issuing Bank, as
the case may be, such additional amount or amounts as will compensate such
Lender or the Issuing Bank, as the case may be, for such additional costs
incurred or reduction suffered.
(b) If any Lender or the Issuing Bank determines that any
Change in Law regarding capital requirements has or would have the effect of
reducing the rate of return on such Lender's or the Issuing Bank's capital or on
the capital of such Lender's or the Issuing Bank's holding company, if any, as a
consequence of this Agreement or the Loans made by, or participations in Letters
of Credit held by, such Lender, or the Letters of Credit issued by the Issuing
Bank, to a level below that which such Lender or the Issuing Bank or such
Lender's or the Issuing Bank's holding company could have achieved but for such
Change in Law (taking into consideration such Lender's or the Issuing Bank's
policies and the policies of such Lender's or the Issuing Bank's holding company
with respect to capital adequacy), then from time to time the Borrower will pay
to such Lender or the Issuing Bank, as the case may be, such additional amount
or amounts as will compensate such Lender or the Issuing Bank or such Lender's
or the Issuing Bank's holding company for any such reduction suffered.
(c) A certificate of a Lender or the Issuing Bank setting forth,
in reasonable detail showing the computation thereof, the amount or amounts
necessary to compensate such Lender or the Issuing Bank or its holding company,
as the case may be, as specified in paragraph (a) or (b) of this Section shall
be delivered to the Borrower and shall be conclusive absent manifest error. Such
certificate shall further certify that such Lender or the Issuing Bank is making
similar demands of its other similarly structured borrowers. The Borrower shall
pay such Lender or the Issuing Bank, as the case may be, the amount shown as due
on any such certificate within 10 days after receipt thereof, if such
certificate complies herewith.
(d) Failure or delay on the part of any Lender or the Issuing
Bank to demand compensation pursuant to this Section shall not constitute a
waiver of such Lender's or the Issuing Bank's right to demand such compensation;
provided that the Borrower shall not be required to compensate a Lender or the
Issuing Bank pursuant to this Section for any increased costs or reductions
incurred more than 90 days prior to the date that such Lender or the Issuing
Bank, as the case may be, notifies the Borrower of the Change in Law giving rise
to such increased costs or reductions and of such Lender's or the Issuing Bank's
intention to claim compensation therefor; provided further that, if the Change
in Law giving rise to such increased costs or reductions is retroactive, then
31
the 90-day period referred to above shall be extended to include the period of
retroactive effect thereof (to the extent that such period of retroactive effect
is not already included in such 90-day period).
(e) Notwithstanding the foregoing provisions of this Section, a
Lender shall not be entitled to compensation pursuant to this Section in respect
of any Competitive Loan if the Change in Law that would otherwise entitle it to
such compensation shall have been publicly announced prior to submission of the
Competitive Bid pursuant to which such Loan was made.
SECTION 2.16. Break Funding Payments. In the event of (a) the
payment of any principal of any Eurodollar Loan or Fixed Rate Loan other than on
the last day of an Interest Period applicable thereto (including as a result of
an Event of Default), (b) the conversion of any Eurodollar Loan other than on
the last day of the Interest Period applicable thereto, (c) the failure to
borrow, convert, continue or prepay any Revolving Loan on the date specified in
any notice delivered pursuant hereto (regardless of whether such notice may be
revoked under Section 2.11(b) and is revoked in accordance therewith), (d) the
failure to borrow any Competitive Loan after accepting the Competitive Bid to
make such Loan, or (e) the assignment of any Eurodollar Loan or Fixed Rate Loan
other than on the last day of the Interest Period applicable thereto as a result
of a request by the Borrower pursuant to Section 2.19, then, in any such event,
the Borrower shall compensate each Lender for the loss, cost and expense
(excluding loss of anticipated profits) attributable to such event. A
certificate of any Lender setting forth, in reasonable detail showing the
computation thereof, any amount or amounts that such Lender is entitled to
receive pursuant to this Section shall be delivered to the Borrower and shall be
conclusive absent manifest error. The Borrower shall pay such Lender the amount
shown as due on any such certificate within 10 days after receipt thereof, if
such certificate complies herewith.
SECTION 2.17. Taxes. (a) Any and all payments by or on account of
any obligation of the Borrower hereunder shall be made free and clear of and
without deduction for any Indemnified Taxes or Other Taxes; provided that if the
Borrower shall be required to deduct any Indemnified Taxes or Other Taxes from
such payments, then (i) the sum payable shall be increased as necessary so that
after making all required deductions (including deductions applicable to
additional sums payable under this Section) the Administrative Agent, Lender or
Issuing Bank (as the case may be) receives an amount equal to the sum it would
have received had no such deductions been made, (ii) the Borrower shall make
such deductions and (iii) the Borrower shall pay the full amount deducted to the
relevant Governmental Authority in accordance with applicable law.
(b) In addition, the Borrower shall pay any Other Taxes to the
relevant Governmental Authority in accordance with applicable law.
(c) The Borrower shall indemnify the Administrative Agent, each
Lender and the Issuing Bank, within 10 days after written demand therefor, for
the full amount of any Indemnified Taxes or Other Taxes paid by the
Administrative Agent, such Lender or the Issuing Bank, as the case may be, on or
with respect to any payment by or on account of any obligation of the Borrower
hereunder (including Indemnified Taxes or Other Taxes imposed or asserted on or
attributable to amounts payable under this Section) and any penalties, interest
and reasonable expenses arising therefrom or with respect thereto, whether or
not such Indemnified Taxes or Other Taxes were correctly or legally imposed or
asserted by the relevant Governmental Authority; provided that the Borrower
shall not be required to indemnify or reimburse a Lender pursuant to this
Section for any Indemnified Taxes or Other Taxes imposed or asserted more than
90 days prior to the date that such Lender notifies the Borrower of the
Indemnified Taxes or Other Taxes imposed or asserted and of such Lender's
intention to claim compensation therefor; provided further that, if the
Indemnified Taxes or Other Taxes imposed or asserted giving rise to such claims
32
are retroactive, then the 90-day period referred to above shall be extended to
include the period of retroactive effect thereof (to the extent that such period
of retroactive effect is not already included in such 90-day period). A
certificate setting forth, in reasonable detail showing the computation thereof,
the amount of such payment or liability delivered to the Borrower by a Lender or
the Issuing Bank, or by the Administrative Agent on its own behalf or on behalf
of a Lender or the Issuing Bank, shall be conclusive absent manifest error.
(d) As soon as practicable after any payment of Indemnified Taxes
or Other Taxes by the Borrower to a Governmental Authority, the Borrower shall
deliver to the Administrative Agent the original or a certified copy of a
receipt issued by such Governmental Authority evidencing such payment, a copy of
the return reporting such payment or other evidence of such payment reasonably
satisfactory to the Administrative Agent.
(e) Any Foreign Lender that is entitled to an exemption from or
reduction of withholding tax under the law of the jurisdiction in which the
Borrower is located, or any treaty to which such jurisdiction is a party, with
respect to payments under this Agreement shall deliver to the Borrower (with a
copy to the Administrative Agent), at the time or times prescribed by applicable
law, such properly completed and executed documentation prescribed by applicable
law or reasonably requested by the Borrower as will permit such payments to be
made without withholding or at such reduced rate.
(f) Should any Lender, the Administrative Agent or the Issuing
Bank ever receive any refund, credit or deduction from any taxing authority to
which such Lender, the Administrative Agent or the Issuing Bank would not be
entitled but for the payment by the Borrower of Taxes (it being understood that
the decision as to whether or not to claim, and if claimed, as to the amount of
any such refund, credit or deduction shall be made by such Lender, the
Administrative Agent or the Issuing Bank in its sole discretion), such Lender,
the Administrative Agent or the Issuing Bank, as the case may be, thereupon
shall repay to the Borrower an amount with respect to such refund, credit or
deduction equal to any net reduction in taxes actually obtained by such Lender,
the Administrative Agent or the Issuing Bank, as the case may be, and determined
by such Lender, the Administrative Agent or the Issuing Bank, as the case may
be, to be attributable to such refund, credit or deduction.
(g) Except for a request by the Borrower under Section 2.19(b),
no Foreign Lender shall be entitled to the benefits of Sections 2.17(a) or
2.17(c) if withholding tax is imposed on amounts payable to such Foreign Lender
at the time such Foreign Lender becomes a party to this Agreement or designates
a new lending office.
SECTION 2.18. Payments Generally; Pro Rata Treatment; Sharing of
Set-offs. (a) The Borrower shall make each payment required to be made by it
hereunder (whether of principal, interest, fees or reimbursement of LC
Disbursements, or of amounts payable under Section 2.15, 2.16 or 2.17, or
otherwise) prior to 1:00 p.m., New York City time, on the date when due, in
immediately available funds, without set-off or counterclaim. Any amounts
received after such time on any date may, in the discretion of the
Administrative Agent, be deemed to have been received on the next succeeding
Business Day for purposes of calculating interest thereon. All such payments
shall be made to the Administrative Agent at its offices at 000 Xxxxx Xxxxxxx
Xxxxxx, Xxxxxxxxx, Xxxxx Xxxxxxxx 00000-0000, except payments to be made
directly to the Issuing Bank or Swingline Lender as expressly provided herein
and except that payments pursuant to Sections 2.15, 2.16, 2.17 and 9.03 shall be
made directly to the Persons entitled thereto. The Administrative Agent shall
distribute any such payments received by it for the account of any other Person
to the appropriate recipient promptly following receipt thereof. If any payment
hereunder shall be due on a day that is not a Business Day, the date for payment
33
shall be extended to the next succeeding Business Day, and, in the case of any
payment accruing interest, interest thereon shall be payable for the period of
such extension. All payments hereunder shall be made in dollars.
(b) If at any time insufficient funds are received by and
available to the Administrative Agent to pay fully all amounts of principal,
unreimbursed LC Disbursements, interest and fees then due hereunder, such funds
shall be applied (i) first, towards payment of interest and fees then due
hereunder, ratably among the parties entitled thereto in accordance with the
amounts of interest and fees then due to such parties, and (ii) second, towards
payment of principal and unreimbursed LC Disbursements then due hereunder,
ratably among the parties entitled thereto in accordance with the amounts of
principal and unreimbursed LC Disbursements then due to such parties.
(c) If any Lender shall, by exercising any right of set-off or
counterclaim or otherwise, obtain payment (other than any payment to a
dissenting Lender pursuant to Section 2.01(c)) in respect of any principal of or
interest on any of its Revolving Loans or participations in LC Disbursements or
Swingline Loans resulting in such Lender receiving payment of a greater
proportion of the aggregate amount of its Revolving Loans and participations in
LC Disbursements and Swingline Loans and accrued interest thereon than the
proportion received by any other Lender, then the Lender receiving such greater
proportion shall purchase (for cash at face value) participations in the
Revolving Loans and participations in LC Disbursements and Swingline Loans of
other Lenders to the extent necessary so that the benefit of all such payments
shall be shared by the Lenders ratably in accordance with the aggregate amount
of principal of and accrued interest on their respective Revolving Loans and
participations in LC Disbursements and Swingline Loans; provided that (i) if any
such participations are purchased and all or any portion of the payment giving
rise thereto is recovered, such participations shall be rescinded and the
purchase price restored to the extent of such recovery, without interest, and
(ii) the provisions of this paragraph shall not be construed to apply to any
payment made by the Borrower pursuant to and in accordance with the express
terms of this Agreement or any payment obtained by a Lender as consideration for
the assignment of or sale of a participation in any of its Loans or
participations in LC Disbursements to any assignee or participant, other than to
the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions
of this paragraph shall apply). The Borrower consents to the foregoing and
agrees, to the extent it may effectively do so under applicable law, that any
Lender acquiring a participation pursuant to the foregoing arrangements may
exercise against the Borrower rights of set-off and counterclaim with respect to
such participation as fully as if such Lender were a direct creditor of the
Borrower in the amount of such participation.
(d) Unless the Administrative Agent shall have received notice
from the Borrower prior to the date on which any payment is due to the
Administrative Agent for the account of the Lenders or the Issuing Bank
hereunder that the Borrower will not make such payment, the Administrative Agent
may assume that the Borrower has made such payment on such date in accordance
herewith and may, in reliance upon such assumption, distribute to the Lenders or
the Issuing Bank, as the case may be, the amount due. In such event, if the
Borrower has not in fact made such payment, then each of the Lenders or the
Issuing Bank, as the case may be, severally agrees to repay to the
Administrative Agent forthwith on demand the amount so distributed to such
Lender or Issuing Bank with interest thereon, for each day from and including
the date such amount is distributed to it to but excluding the date of payment
to the Administrative Agent, at the greater of the Federal Funds Effective Rate
and a rate determined by the Administrative Agent in accordance with banking
industry rules on interbank compensation.
(e) If any Lender shall fail to make any payment required to be
made by it pursuant to Section 2.05(c), 2.06(d) or (e), 2.07(b) or 2.18(d), then
the Administrative Agent may, in its discretion (notwithstanding any contrary
provision hereof), apply any amounts thereafter received by the Administrative
34
Agent for the account of such Lender to satisfy such Lender's obligations under
such Sections until all such unsatisfied obligations are fully paid.
SECTION 2.19. Mitigation Obligations; Replacement of Lenders. (a)
If any Lender requests compensation under Section 2.15 or Section 2.13(g), or if
the Borrower is required to pay any additional amount to any Lender or any
Governmental Authority for the account of any Lender pursuant to Section 2.17,
then such Lender shall use reasonable efforts to designate a different lending
office for funding or booking its Loans hereunder or to assign its rights and
obligations hereunder to another of its offices, branches or affiliates, if, in
the judgment of such Lender, such designation or assignment (i) would eliminate
or reduce amounts payable pursuant to Section 2.13(g), 2.15 or 2.17, as the case
may be, in the future and (ii) would not subject such Lender to any unreimbursed
cost or expense and would not otherwise be disadvantageous to such Lender. The
Borrower hereby agrees to pay all reasonable costs and expenses incurred by any
Lender in connection with any such designation or assignment. Lenders agree to
use reasonable efforts to select lending offices which will minimize taxes and
other costs and expenses for the Borrower.
(b) If any Lender requests compensation under Section 2.13(g) or
Section 2.15, or if the Borrower is required to pay any additional amount to any
Lender or any Governmental Authority for the account of any Lender pursuant to
Section 2.17, or if any Lender defaults in its obligation to fund Loans
hereunder, or if any Lender refuses to consent to an extension pursuant to
Section 2.01(c), then the Borrower may, at its sole expense and effort, upon
notice to such Lender and the Administrative Agent, require such Lender to
assign and delegate, without recourse (in accordance with and subject to the
restrictions contained in Section 9.04), all its interests, rights and
obligations under this Agreement (other than any outstanding Competitive Loans
held by it) to an assignee that shall assume such obligations (which assignee
may be another Lender, if a Lender accepts such assignment); provided that (i)
the Borrower shall have received the prior written consent of the Administrative
Agent (and, if a Commitment is being assigned, the Issuing Bank and Swingline
Lender), which consent shall not unreasonably be withheld, (ii) such Lender
shall have received payment of an amount equal to the outstanding principal of
its Loans (other than Competitive Loans) and participations in LC Disbursements
and Swingline Loans, accrued interest thereon, accrued fees and all other
amounts payable to it hereunder, from the assignee (to the extent of such
outstanding principal and accrued interest and fees) or the Borrower (in the
case of all other amounts) and (iii) in the case of any such assignment
resulting from a claim for compensation under Section 2.13(g) or Section 2.15 or
payments required to be made pursuant to Section 2.17, such assignment will
result in a reduction in such compensation or payments. A Lender shall not be
required to make any such assignment and delegation if, prior thereto, as a
result of a waiver by such Lender or otherwise, the circumstances entitling the
Borrower to require such assignment and delegation cease to apply. If any Lender
refuses to assign and delegate all its interests, rights and obligations under
this Agreement after the Borrower has required such Lender to do so as a result
of a claim for compensation under Section 2.13(g) or Section 2.15 or payments
required to be made pursuant to Section 2.17, such Lender shall not be entitled
to receive such compensation or required payments.
35
ARTICLE III
Representations and Warranties
The Borrower represents and warrants to the Lenders that:
SECTION 3.01. Organization; Powers. Each of the Borrower and its
Subsidiaries is duly formed, validly existing and (if applicable) in good
standing (except, with respect to Subsidiaries other than Material Subsidiaries,
where the failure to be in good standing, individually or in the aggregate,
could not reasonably be expected to result in a Material Adverse Effect) under
the laws of the jurisdiction of its organization, has all requisite power and
authority to carry on its business in all material respects as now conducted
and, except where the failure to do so, individually or in the aggregate, could
not reasonably be expected to result in a Material Adverse Effect, is qualified
to do business in, and (if applicable) is in good standing in, every
jurisdiction where such qualification is required.
SECTION 3.02. Authorization; Enforceability. The Transactions are
within the Borrower's partnership powers and have been duly authorized by all
necessary partnership and, if required, partner action. This Agreement has been
duly executed and delivered by the Borrower and constitutes a legal, valid and
binding obligation of the Borrower, enforceable against the Borrower in
accordance with its terms, subject to applicable bankruptcy, insolvency,
reorganization, moratorium or other laws affecting creditors' rights generally
and subject to general principles of equity, regardless of whether considered in
a proceeding in equity or at law.
SECTION 3.03. Governmental Approvals; No Conflicts. The
Transactions (a) do not require any consent or approval of, registration or
filing with, or any other action by, any Governmental Authority, except such as
have been obtained or made and are in full force and effect, (b) will not
violate any law or regulation applicable to the Borrower or the limited
partnership agreement, charter, by-laws or other organizational documents of the
Borrower or any of its Subsidiaries or any order of any Governmental Authority
to which the Borrower or any of its Subsidiaries is subject, (c) will not
violate or result in a default under any material indenture, agreement or other
instrument binding upon the Borrower or any of its Subsidiaries or its assets,
or (except for the Existing $350,000,000 Chase Credit Facility) give rise to a
right thereunder to require any payment to be made by the Borrower or any of its
Subsidiaries, and (d) will not result in the creation or imposition of any Lien
on any asset of the Borrower or any of its Subsidiaries that is prohibited
hereby.
SECTION 3.04. Financial Condition; No Material Adverse Change.
(a) The Borrower has heretofore furnished to the Lenders its audited
consolidated and unaudited consolidating balance sheets of the Borrower and its
consolidated Subsidiaries and the related audited consolidated (and, as to
statements of income, unaudited consolidating) statements of income, equity and
cash flow of the Borrower and its consolidated Subsidiaries (i) as of and for
the fiscal year ended December 31, 1999, reported on by Deloitte & Touche,
independent public accountants, and (ii) as of and for the fiscal quarter and
the portion of the fiscal year ended June 30, 2000, certified by its chief
financial officer. Such financial statements present fairly, in all material
respects, the financial position and results of operations and cash flows of the
Borrower and its consolidated Subsidiaries as of such dates and for such periods
in accordance with GAAP, subject to year-end audit adjustments and the absence
of footnotes in the case of the statements referred to in clause (ii) above.
(b) No Material Adverse Change exists.
36
SECTION 3.05. Intentionally Omitted.
SECTION 3.06. Litigation and Environmental Matters. (a) There are
no actions, suits or proceedings by or before any arbitrator or Governmental
Authority pending against or, to the knowledge of the Borrower, threatened
against or affecting the Borrower or any of its Subsidiaries (i) as to which
there is a reasonable possibility of an adverse determination and that, if
adversely determined, could reasonably be expected, individually or in the
aggregate, to result in a Material Adverse Effect (other than the Disclosed
Matters) or (ii) that involve this Agreement or the Transactions.
(b) Except for the Disclosed Matters and except with respect to
any other matters that, individually or in the aggregate, could not reasonably
be expected to result in a Material Adverse Effect, neither the Borrower nor any
of its Subsidiaries (i) has failed to comply with any Environmental Law or to
obtain, maintain or comply with any permit, license or other approval required
under any Environmental Law, (ii) has become subject to any Environmental
Liability, (iii) has received notice of any claim with respect to any
Environmental Liability or (iv) knows of any basis for any Environmental
Liability.
(c) Since the date of this Agreement, there has been no change in
the status of the Disclosed Matters that, individually or in the aggregate, has
resulted in, or materially increased the likelihood of, a Material Adverse
Effect.
SECTION 3.07. Compliance with Laws. Each of the Borrower and its
Subsidiaries is in compliance with all laws, regulations and orders of any
Governmental Authority applicable to it or its property, except where the
failure to do so, individually or in the aggregate, could not reasonably be
expected to result in a Material Adverse Effect. No Default has occurred and is
continuing.
SECTION 3.08. Investment and Holding Company Status. Neither the
Borrower nor any of its Subsidiaries is (a) an "investment company" as defined
in, or subject to regulation under, the Investment Company Act of 1940 or (b) a
"holding company" as defined in, or subject to regulation under, the Public
Utility Holding Company Act of 1935.
SECTION 3.09. Taxes. Each of the Borrower and its Subsidiaries
has timely filed or caused to be filed all Tax returns and reports required to
have been filed and has paid or caused to be paid all Taxes required to have
been paid by it, except (a) Taxes that are being contested in good faith by
appropriate proceedings and for which the Borrower or such Subsidiary, as
applicable, has set aside on its books adequate reserves or (b) to the extent
that the failure to do so could not reasonably be expected to result in a
Material Adverse Effect.
SECTION 3.10. ERISA. No ERISA Event has occurred or is reasonably
expected to occur that, when taken together with all other such ERISA Events for
which liability is reasonably expected to occur, could reasonably be expected to
result in a Material Adverse Effect.
SECTION 3.11. Disclosure. Neither the Information Memorandum nor
any of the other reports, financial statements, certificates or other
information furnished by or on behalf of the Borrower to the Administrative
Agent or any Lender in connection with the negotiation of this Agreement (as
modified or supplemented by other information so furnished) contains any
material misstatement of fact or omits to state any material fact necessary to
make the statements therein, in the light of the circumstances under which they
were made, not misleading; provided that, with respect to projected financial
information, the Borrower represents only that such information was prepared in
good faith based upon assumptions believed to be reasonable at the time.
37
SECTION 3.12. Subsidiaries. As of the Effective Date, Borrower
has no Subsidiaries other than those listed on Schedule 3.12 hereto. As of the
Effective Date, Schedule 3.12 sets forth the jurisdiction of incorporation or
organization of each such Subsidiary, the percentage of Borrower's ownership of
the outstanding Equity Interests of each Subsidiary directly owned by Borrower,
and the percentage of each Subsidiary's ownership of the outstanding Equity
Interests of each other Subsidiary.
SECTION 3.13. Margin Securities. Neither the Borrower nor any
Subsidiary is engaged principally, or as one of its important activities, in the
business of extending credit for the purpose of purchasing or carrying margin
stock (within the meaning of Regulations U or X of the Board of Governors of the
Federal Reserve System), and no part of the proceeds of any Loan will be used to
purchase or carry any margin stock in violation of said Regulations U or X or to
extend credit to others for the purpose of purchasing or carrying margin stock
in violation of said Regulations U or X.
ARTICLE IV
Conditions
SECTION 4.01. Effective Date. The obligations of the Lenders to
make Loans and of the Issuing Bank to issue Letters of Credit hereunder shall
not become effective until the Effective Date which is scheduled to occur when
each of the following conditions is satisfied:
(a) The Administrative Agent (or its counsel) shall have received
from each party hereto either (i) a counterpart of this Agreement signed on
behalf of such party or (ii) written evidence satisfactory to the Administrative
Agent (which may include telecopy transmission of a signed signature page of
this Agreement) that such party has signed a counterpart of this Agreement.
(b) The Administrative Agent shall have received a favorable
written opinion (addressed to the Administrative Agent and the Lenders and dated
the Effective Date) of Xxxxxxx X. Xxxxxxxx, Esq., Chief Legal Officer of the
General Partner and the Limited Partner, substantially in the form of Exhibit E.
(c) The Administrative Agent shall have received such documents
and certificates as the Administrative Agent or its counsel may reasonably
request relating to the organization and existence of the Borrower and the
Limited Partner, the authorization of the Transactions and any other legal
matters relating to the Borrower, this Agreement or the Transactions, all in
form and substance reasonably satisfactory to the Administrative Agent and its
counsel, and, with respect to the Limited Partner, the authorization of the
Guaranty Agreement and any other legal matters relating to the Limited Partner.
(d) The Administrative Agent shall have received the Guaranty
Agreement dated as of the date hereof, duly and validly executed by the Limited
Partner.
(e) The Administrative Agent shall have received a certificate,
dated the Effective Date and signed by the President, an Executive Vice
President or a Financial Officer of the Borrower, confirming compliance with the
conditions set forth in paragraphs (a) and (b) of Section 4.02.
(f) The Administrative Agent shall have received all fees and
other amounts due and payable on or prior to the Effective Date, including, to
the extent invoiced five (5) Business Days prior to closing, reimbursement or
payment of all out-of-pocket expenses required to be reimbursed or paid by the
Borrower hereunder.
38
(g) There shall not have been any disruption or adverse change in
the financial or capital markets generally or in the market for loan
syndications in particular, which the Administrative Agent, in its reasonable
judgment, deems material.
(h) The Lenders shall have received the audited financial
statements for the Borrower and its Subsidiaries for the period ended December
31, 1999 and Form 10-Q for fiscal quarter ending June 30, 2000.
(i) All necessary governmental and third-party approvals, if any,
required to be obtained by the Borrower in connection with the Transactions and
otherwise referred to herein shall have been obtained and remain in effect
(except where failure to obtain such approvals will not have a Material Adverse
Effect), and all applicable waiting periods shall have expired without any
action being taken by any applicable authority.
The Administrative Agent shall notify the Borrower and the Lenders of the
Effective Date, and such notice shall be conclusive and binding.
SECTION 4.02. Each Credit Event. The obligation of each Lender to
make a Loan on the occasion of any Borrowing (exclusive of continuations and
conversions of a Borrowing), and of the Issuing Bank to issue, amend, renew or
extend any Letter of Credit, is subject to the satisfaction of the following
conditions:
(a) The representations and warranties of the Borrower set forth
in this Agreement shall be true and correct in all material respects on and as
of the date of such Borrowing or the date of issuance, amendment, renewal or
extension of such Letter of Credit, as applicable.
(b) At the time of and immediately after giving effect to such
Borrowing or the issuance, amendment, renewal or extension of such Letter of
Credit, as applicable, no Default shall have occurred and be continuing.
Each Borrowing and each issuance, amendment, renewal or extension of a Letter of
Credit shall be deemed to constitute a representation and warranty by the
Borrower on the date thereof as to the matters specified in paragraphs (a) and
(b) of this Section.
ARTICLE V
Affirmative Covenants
Until the Commitments have expired or been terminated and the
principal of and interest on each Loan and all fees payable hereunder shall have
been paid in full and all Letters of Credit shall have expired or terminated and
all LC Disbursements shall have been reimbursed, the Borrower covenants and
agrees with the Lenders that:
SECTION 5.01. Financial Statements and Other Information. The
Borrower will furnish, or cause to be furnished, to the Administrative Agent and
each Lender:
(a) within 15 days after filing same with the Securities and
Exchange Commission ("SEC"), copies of each annual report on Form 10-K,
quarterly report on Form 10-Q and report on Form 8-K (or any successor or
39
substitute forms) that the Limited Partner is required to file with the SEC
pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as
amended, and any successor statute (the "Exchange Act");
(b) within 15 days after filing same with the SEC, copies of each
annual report on Form 10-K, quarterly report on Form 10-Q and report on Form 8-K
(or any successor or substitute forms) that the Borrower is required to file
with the SEC pursuant to Section 13 or 15(d) of the Exchange Act;
(c) if the Borrower is not subject to the requirements of Section
13 or 15(d) of the Exchange Act and the Limited Partner owns direct subsidiaries
(other than the Borrower and its Subsidiaries), promptly after becoming
available and in any event within 105 days after the close of each fiscal year
of the Borrower (i) the audited consolidated balance sheets of the Borrower and
its consolidated Subsidiaries as at the end of such year and (ii) the audited
consolidated statements of income, equity and cash flow of the Borrower and its
consolidated Subsidiaries for such year setting forth in each case in
comparative form the corresponding figures for the preceding fiscal year, which
report shall be to the effect that such statements have been prepared in
accordance with GAAP;
(d) if the Borrower is not subject to Section 13 or 15(d) of the
Exchange Act and the Limited Partner owns direct subsidiaries (other than the
Borrower and its Subsidiaries), promptly after their becoming available and in
any event within 60 days after the close of each fiscal quarter of the Borrower,
(i) the unaudited consolidated balance sheets of the Borrower and its
consolidated Subsidiaries as at the end of such quarter and (ii) the unaudited
consolidated statements of income, equity and cash flow of the Borrower for such
quarter, setting forth in each case in comparative form the corresponding
figures for the preceding fiscal year, all of the foregoing certified by a
Financial Officer of the Borrower to have been prepared in accordance with GAAP
subject to normal changes resulting from year-end adjustment and accompanied by
a written discussion of the financial performance and operating results,
including the major assets, of the Borrower for such quarter; and
(e) within 60 days after the end of each fiscal quarter of each
fiscal year of the Borrower, a certificate of a Financial Officer of the
Borrower substantially in the form of Exhibit F (i) certifying as to whether a
Default has occurred that is then continuing and, if a Default has occurred that
is then continuing, specifying the details thereof and any action taken or
proposed to be taken with respect thereto, and (ii) setting forth in reasonable
detail calculations demonstrating compliance with Section 6.07.
SECTION 5.02. Notices of Material Events. The Borrower will
furnish to the Administrative Agent and each Lender prompt written notice of the
following:
(a) the occurrence of any Event of Default; and
(b) any other development that results in, or could reasonably be
expected to result in, a Material Adverse Effect.
Each notice delivered under this Section shall be accompanied by a statement of
a Financial Officer or other executive officer of the Borrower setting forth the
details of the event or development requiring such notice and any action taken
or proposed to be taken with respect thereto.
SECTION 5.03. Existence; Conduct of Business. The Borrower will
do or cause to be done all things necessary to preserve, renew and keep in full
force and effect its legal existence and the rights, licenses, permits,
privileges and franchises material to the conduct of its business; provided that
40
the foregoing shall not prohibit any merger, consolidation, liquidation or
dissolution not prohibited under Section 6.03.
SECTION 5.04. Intentionally Omitted.
SECTION 5.05. Maintenance of Properties; Insurance. The Borrower
will, and will cause each of its Subsidiaries to, (a) keep and maintain all
property material to the conduct of its business in good working order and
condition, ordinary wear and tear excepted, and (b) maintain, with financially
sound and reputable insurance companies, insurance in such amounts and against
such risks as are customarily maintained by companies engaged in the same or
similar businesses operating in the same or similar locations.
SECTION 5.06. Books and Records; Inspection Rights. The Borrower
will, and will cause each of its Subsidiaries to, keep in accordance with GAAP
proper books of record and account in which full, true and correct entries are
made in all material respects of all dealings and transactions in relation to
its business and activities. The Borrower will, and will cause each of its
Subsidiaries to, permit any representatives designated by the Administrative
Agent or any Lender, upon reasonable prior notice, to visit and inspect its
properties, to examine and make extracts from its books and records, and to
discuss its affairs, finances and condition with its officers and independent
accountants, all at such reasonable times and as often as reasonably requested.
SECTION 5.07. Compliance with Laws. The Borrower will, and will
cause each of its Subsidiaries to, comply with all laws, rules, regulations and
orders of any Governmental Authority applicable to it or its property, except
where the failure to do so, individually or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect.
SECTION 5.08. Use of Proceeds and Letters of Credit. The proceeds
of the Loans will be used only (a) for the payment in full of the Existing
$350,000,000 Chase Credit Facility, to the extent not paid in full using the
proceeds of loans made under the 364-Day Revolving Credit Facility, (b) as a
backstop for commercial paper, and (c) for working capital, acquisitions and
other limited partnership purposes. No part of the proceeds of any Loan will be
used, whether directly or indirectly, for any purpose that entails a violation
of any of the Regulations of the Board, including Regulations U and X.
SECTION 5.09. Environmental Matters. The Borrower has established
and implemented, or will establish and implement, and will cause each of its
Subsidiaries to establish and implement, such procedures as may be necessary to
assure that any failure of the following does not have a Material Adverse
Effect: (i) all property of the Borrower and its Subsidiaries and the operations
conducted thereon are in compliance with and do not violate the requirements of
any Environmental Laws, (ii) no oil or solid wastes are disposed of or otherwise
released on or to any property owned by the Borrower or its Subsidiaries except
in compliance with Environmental Laws, (iii) no Hazardous Materials will be
released on or to any such property in a quantity equal to or exceeding that
quantity which requires reporting pursuant to Section 103 of CERCLA, and (iv) no
oil or Hazardous Materials is released on or to any such property so as to pose
an imminent and substantial endangerment to public health or welfare or the
environment.
SECTION 5.10 ERISA Information. The Borrower will furnish to the
Administrative Agent:
(a) within 15 Business Days after the institution
of or the withdrawal or partial withdrawal by the Borrower, any
Subsidiary or any ERISA Affiliate from any Multiemployer Plan
41
which would cause the Borrower, any Subsidiary or any ERISA
Affiliate to incur withdrawal liability in excess of $5,000,000
(in the aggregate for all such withdrawals), a written notice
thereof signed by an executive officer of the Borrower stating
the applicable details; and
(b) within 15 Business Days after an officer of
the Borrower becomes aware of any material action at law or at
equity brought against the Borrower, any of its Subsidiaries, any
ERISA Affiliate, or any fiduciary of a Plan in connection with
the administration of any Plan or the investment of assets
thereunder, a written notice signed by an executive officer of
the Borrower specifying the nature thereof and what action the
Borrower is taking or proposes to take with respect thereto.
SECTION 5.11 Taxes. Pay and discharge, or cause to be paid and
discharged, promptly or make, or cause to be made, timely deposit of all taxes
(including Federal Insurance Contribution Act payments and withholding taxes),
assessments and governmental charges or levies imposed upon the Borrower or any
Subsidiary or upon the income or any property of the Borrower or any Subsidiary;
provided, however, that neither the Borrower nor any Subsidiary shall be
required to pay any such tax, assessment, charge, levy or claim if the amount,
applicability or validity thereof shall currently be contested in good faith by
appropriate proceedings diligently conducted by or on behalf of the Borrower or
its Subsidiary, and if the Borrower or its Subsidiary shall have set up reserves
therefor adequate under GAAP or if no Material Adverse Effect shall be
occasioned by all such failures in the aggregate.
ARTICLE VI
Negative Covenants
Until the Commitments have expired or terminated and the
principal of and interest on each Loan and all fees payable hereunder have been
paid in full and all Letters of Credit have expired or terminated and all LC
Disbursements shall have been reimbursed, the Borrower covenants and agrees with
the Lenders that:
SECTION 6.01. Indebtedness. The Borrower will not permit any
Subsidiary to create, incur or assume any Indebtedness, except:
(a) Indebtedness assumed by any Subsidiary in connection with its
acquisition (whether by merger, consolidation or acquisition of all or
substantially all of the assets) of another Person and Indebtedness refinancing
(but not increasing) such Indebtedness, provided that at the time of and after
giving effect to the incurrence or assumption of such Indebtedness or
refinancing Indebtedness and the application of the proceeds thereof, as the
case may be, the aggregate principal amount of all such Indebtedness, and of all
Indebtedness previously incurred or assumed pursuant to this Section 6.01(a),
and then outstanding, shall not exceed 75% of Consolidated EBITDA for the period
of four full fiscal quarters of the Borrower and its Subsidiaries (and such
Person on a pro forma basis) then most recently ended;
(b) Indebtedness of the Subsidiaries not otherwise permitted by
this Section 6.01, provided that at the time of and after giving effect to the
incurrence of such Indebtedness and the application of the proceeds thereof the
aggregate principal amount of all such Indebtedness, and of all Indebtedness
previously incurred pursuant to this Section 6.01(b), and then outstanding,
shall not exceed 25% of Consolidated EBITDA for the period of four fiscal
quarters of the Borrower and the Subsidiaries then most recently ended;
(c) Indebtedness of Project Finance Subsidiaries;
42
(d) intercompany Indebtedness;
(e) Indebtedness existing on the date hereof and set forth on
Schedule 6.01; and
(f) other unsecured Indebtedness in an aggregate principal amount
not exceeding $25,000,000 at any time outstanding;
provided, however, that no Subsidiary (other than a Project Finance Subsidiary)
shall create, incur or assume any Indebtedness pursuant to any provision of this
Section 6.01 if an Event of Default shall have occurred and be continuing or
would result from such creation, incurrence or assumption.
SECTION 6.02. Liens. The Borrower shall not, and shall not permit
any Subsidiary (other than Project Finance Subsidiaries) or the Limited Partner
to, create, assume, incur or suffer to exist any Lien, other than a Permitted
Lien, on any Principal Property or upon any Equity Interests of the Borrower or
any Subsidiary (other than Project Finance Subsidiaries) owning or leasing any
Principal Property, now owned or hereafter acquired by the Borrower or such
Subsidiary to secure any Indebtedness of the Borrower, the Limited Partner or
any other Person (other than the Indebtedness under this Agreement), without in
any such case making effective provision whereby any and all Indebtedness under
this Agreement then outstanding will be secured by a Lien equally and ratably
with, or prior to, such Indebtedness for so long as such Indebtedness shall be
so secured. Notwithstanding the foregoing, the Borrower may, and may permit any
Subsidiary (other than a Project Finance Subsidiary) and the Limited Partner to,
create, assume, incur or suffer to exist any Lien upon any Principal Property to
secure Indebtedness of the Borrower, the Limited Partner or any other Person
(other than the Indebtedness under this Agreement), other than a Permitted Lien
without securing the Indebtedness under this Agreement, provided that the
aggregate principal amount of all Indebtedness then outstanding secured by such
Lien and all similar Liens together with the aggregate amount of Attributable
Indebtedness deemed to be outstanding in respect of all Sale/Leaseback
Transactions (exclusive of any Permitted Sale/Leaseback Transactions), does not
exceed 10% of Consolidated Net Tangible Assets.
SECTION 6.03. Fundamental Changes. The Borrower will not merge
into or consolidate with any other Person, or permit any other Person to merge
into or consolidate with it, or sell, transfer, lease or otherwise dispose of
(in one transaction or in a series of transactions) all or substantially all of
its assets, or all or substantially all of the Equity Interests of any of its
Subsidiaries (other than Project Finance Subsidiaries) (in each case, whether
now owned or hereafter acquired), or liquidate or dissolve, except that, if at
the time thereof and immediately after giving effect thereto no Default shall
have occurred and be continuing (i) any Person may merge into or consolidate
with the Borrower in a transaction in which the Borrower is the surviving entity
and (ii) Borrower may sell or otherwise dispose of all or any portion of the
Equity Interests of any of its Subsidiaries.
SECTION 6.04. Investment Restriction. Neither the Borrower nor
any Subsidiary (other than a Project Finance Subsidiary) will make investments
in Project Finance Subsidiaries in excess of $50,000,000 in the aggregate at any
one time outstanding.
SECTION 6.05. Restricted Payments. The Borrower will not, and
will not permit any of its Subsidiaries (other than Project Finance
Subsidiaries) to, declare or make, or agree to pay or make, directly or
indirectly, any Restricted Payment, except as long as no Event of Default has
occurred and is continuing or would result therefrom, (i) the Borrower and the
Subsidiaries may make Restricted Payments necessary to fund the Program, (ii)
the Borrower may make Restricted Payments from Available Cash (as defined in the
Partnership Agreement) from Operating Surplus (as defined in the Partnership
43
Agreement) cumulative from January 1, 1999 through the date of such Restricted
Payment, and (iii) any Subsidiary may buy back any of its own Equity Interests;
provided, that even if an Event of Default shall have occurred and is
continuing, no Subsidiary shall be prohibited from upstreaming dividends or
other payments to the Borrower or any Subsidiary (which is not a Project Finance
Subsidiary) or making, in the case of any Subsidiary that is not wholly-owned
(directly or indirectly) by the Borrower, ratable dividends or payments, as the
case may be, to the other owners of Equity Interests in such Subsidiary.
SECTION 6.06. Restrictive Agreements. The Borrower will not, and
will not permit any of its Subsidiaries (other than Project Finance
Subsidiaries) to, directly or indirectly, enter into, incur or permit to exist
any agreement or other arrangement with any Person, other than the Lenders
pursuant hereto or restrictions or conditions existing on the date hereof and
identified on Schedule 6.06, which prohibits, restricts or imposes any
conditions upon the ability of any Subsidiary (other than Project Finance
Subsidiaries) to (a) pay dividends or make other distributions or pay any
Indebtedness owed to the Borrower or any Subsidiary, or (b) make subordinate
loans or advances to or make other investments in the Borrower or any
Subsidiary.
SECTION 6.07 Financial Condition Covenants.
(a) Minimum Net Worth. The Borrower will not permit its
Consolidated Net Worth as of the last day of any fiscal quarter of the Borrower
to be less than $750,000,000.
(b) Ratio of Consolidated Indebtedness to Consolidated EBITDA.
The Borrower shall not permit its ratio of Consolidated Indebtedness to
Consolidated EBITDA for the four full fiscal quarters most recently ended to
exceed 4.00 to 1.0 as of the last day of any fiscal quarter of the Borrower. For
purposes of calculating such ratio, the Project Finance Subsidiaries shall be
disregarded. For purposes of this Section 6.07(b), if during any period of four
fiscal quarters the Borrower or any Subsidiary acquires any Person (or any
interest in any Person) or all or substantially all of the assets of any Person,
the EBITDA attributable to such assets or an amount equal to the percentage of
ownership of the Borrower in such Person times the EBITDA of such Person, for
such period determined on a pro forma basis (which determination, in each case,
shall be subject to approval of the Administrative Agent, not to be unreasonably
withheld) may be included as Consolidated EBITDA for such period; provided that
during the portion of such period that follows such acquisition, the computation
in respect of the EBITDA of such Person or such assets, as the case may be,
shall be made on the basis of actual (rather than pro forma) results.
ARTICLE VII
Events of Default
If any of the following events ("Events of Default") shall occur:
(a) the Borrower shall fail to pay any principal of any Loan or
any reimbursement obligation in respect of any LC Disbursement when and as the
same shall become due and payable, whether at the due date thereof or at a date
fixed for prepayment thereof or otherwise;
(b) the Borrower shall fail to pay any interest on any Loan or
any fee or any other amount (other than an amount referred to in clause (a) of
this Article) payable under this Agreement, when and as the same shall become
due and payable, and such failure shall continue unremedied for a period of five
(5) Business Days;
44
(c) any representation or warranty made or deemed made by or on
behalf of the Borrower, the Limited Partner or any Subsidiary in or in
connection with this Agreement or any amendment or modification hereof or waiver
hereunder, or in any report, certificate, financial statement or other document
furnished pursuant to or in connection with this Agreement or any amendment or
modification hereof or waiver hereunder, shall prove to have been incorrect in
any material respect when made or deemed made and such materiality is
continuing;
(d) the Borrower shall fail to observe or perform any covenant,
condition or agreement contained in Section 5.02, 5.03 (with respect to the
Borrower's existence) or 5.08 or in Article VI;
(e) the Borrower shall fail to observe or perform any covenant,
condition or agreement contained in this Agreement (other than those specified
in clause (a), (b) or (d) of this Article), and such failure shall continue
unremedied for a period of 30 days after written notice thereof from the
Administrative Agent to the Borrower (which notice will be given at the request
of any Lender);
(f) the Borrower or any Material Subsidiary (other than Project
Finance Subsidiaries) shall fail to make any payment (whether of principal or
interest and regardless of amount) in respect of any Material Indebtedness, when
and as the same shall become due and payable, subject to applicable grace
periods;
(g) the Borrower or any of its Material Subsidiaries (other than
Project Finance Subsidiaries) shall (i) fail to pay any principal of or premium
or interest on any Material Indebtedness of the Borrower or such Material
Subsidiary (as the case may be), when the same becomes due and payable (whether
by scheduled maturity, required prepayment, acceleration, demand or otherwise),
and such failure shall continue after the applicable grace period, if any,
specified in the agreement or instrument relating to such Material Indebtedness;
or (ii) default in the observance or performance of any covenant or obligation
contained in any agreement or instrument relating to any such Material
Indebtedness that in substance is customarily considered a default in loan
documents (in each case, other than a failure to pay specified in clause (i) of
this subsection (g)) and such default shall continue after the applicable grace
period, if any, specified in such agreement or instrument, if the effect thereof
is to accelerate the maturity of such Material Indebtedness or require such
Material Indebtedness to be prepaid prior to the stated maturity thereof; for
the avoidance of doubt the parties acknowledge and agree that any payment
required to be made under a guaranty of payment or collection described in
clause (c) of the definition of Indebtedness shall be due and payable at the
time such payment is due and payable under the terms of such guaranty (taking
into account any applicable grace period) and such payment shall be deemed not
to have been accelerated or required to be prepaid prior to its stated maturity
as a result of the obligation guaranteed having become due;
(h) an involuntary proceeding shall be commenced or an
involuntary petition shall be filed seeking (i) liquidation, reorganization or
other relief in respect of the Borrower or any Material Subsidiary (other than
Project Finance Subsidiaries) or its debts, or of a substantial part of its
assets, under any Federal, state or foreign bankruptcy, insolvency, receivership
or similar law now or hereafter in effect or (ii) the appointment of a receiver,
trustee, custodian, sequestrator, conservator or similar official for the
Borrower or any Material Subsidiary (other than Project Finance Subsidiaries) or
for a substantial part of its assets, and, in any such case, such proceeding or
petition shall continue undismissed for 60 days or an order or decree approving
or ordering any of the foregoing shall be entered;
(i) the Borrower or any Material Subsidiary (other than Project
Finance Subsidiaries) shall (i) voluntarily commence any proceeding or file any
petition seeking liquidation, reorganization or other relief under any Federal,
state or foreign bankruptcy, insolvency, receivership or similar law now or
hereafter in effect, (ii) consent to the institution of, or fail to contest in a
45
timely and appropriate manner, any proceeding or petition described in clause
(h) of this Article, (iii) apply for or consent to the appointment of a
receiver, trustee, custodian, sequestrator, conservator or similar official for
the Borrower or any Material Subsidiary (other than Project Finance
Subsidiaries) or for a substantial part of its assets, (iv) file an answer
admitting the material allegations of a petition filed against it in any such
proceeding, (v) make a general assignment for the benefit of creditors or (vi)
take any action for the purpose of effecting any of the foregoing;
(j) the Borrower or any Material Subsidiary (other than Project
Finance Subsidiaries) shall become unable, admit in writing its inability or
fail generally to pay its debts as they become due;
(k) one or more judgments for the payment of money in an
aggregate uninsured amount equal to or greater than $25,000,000 shall be
rendered against the Borrower, any Material Subsidiary (other than Project
Finance Subsidiaries) or any combination thereof and the same shall remain
undischarged for a period of 30 consecutive days during which execution shall
not be effectively stayed, or any action shall be legally taken by a judgment
creditor to attach or levy upon any assets of the Borrower or any such Material
Subsidiary to enforce any such judgment;
(l) an ERISA Event shall have occurred that, when taken together
with all other ERISA Events that have occurred, could reasonably be expected to
result in liability of the Borrower and its Subsidiaries in an aggregate amount
exceeding (i) $5,000,000 in any year or (ii) $10,000,000 for all periods;
(m) the Limited Partner takes, suffers or permits to exist any of
the events or conditions referred to in clauses (h), (i), (j) or (k) of this
Article or if the section of the Guaranty Agreement that contains the payment
obligation shall for any reason cease to be valid and binding on the Limited
Partner or if the Limited partner shall so state in writing;
(n) the General Partner takes, suffers or permits to exist any of
the events or conditions referred to in clauses (h), (i) or (j) of this Article;
(o) a Change in Control shall occur; or
(p) an "Event of Default" has occurred which is continuing under
the 364-Day Credit Facility;
then, and in every such event (other than an event with respect to the Borrower
described in clause (h) or (i) of this Article), and at any time thereafter
during the continuance of such event, the Administrative Agent at the request of
the Required Lenders shall, by notice to the Borrower, take either or both of
the following actions, at the same or different times: (i) terminate the
Commitments, and thereupon the Commitments shall terminate immediately, and (ii)
declare the Loans then outstanding to be due and payable in whole (or in part,
in which case any principal not so declared to be due and payable may thereafter
be declared to be due and payable), and thereupon the principal of the Loans so
declared to be due and payable, together with accrued interest thereon and all
fees and other obligations of the Borrower accrued hereunder, shall become due
and payable immediately, without presentment, demand, protest or other notice of
any kind, all of which are hereby waived by the Borrower; and in case of any
event with respect to the Borrower described in clause (h) or (i) of this
Article, the Commitments shall automatically terminate and the principal of the
Loans then outstanding, together with accrued interest thereon and all fees and
other obligations of the Borrower accrued hereunder, shall automatically become
due and payable, without presentment, demand, protest or other notice of any
kind, all of which are hereby waived by the Borrower.
46
ARTICLE VIII
The Administrative Agent
Each of the Lenders and the Issuing Bank hereby irrevocably
appoints the Administrative Agent as its agent and authorizes the Administrative
Agent to take such actions on its behalf and to exercise such powers as are
delegated to the Administrative Agent by the terms hereof, together with such
actions and powers as are reasonably incidental thereto.
The bank serving as the Administrative Agent hereunder shall have
the same rights and powers in its capacity as a Lender as any other Lender and
may exercise the same as though it were not the Administrative Agent, and such
bank and its Affiliates may accept deposits from, lend money to and generally
engage in any kind of business with the Borrower or any Subsidiary or other
Affiliate thereof as if it were not the Administrative Agent hereunder.
The Administrative Agent shall not have any duties or obligations
except those expressly set forth herein. Without limiting the generality of the
foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or
other implied duties, regardless of whether a Default has occurred and is
continuing, (b) the Administrative Agent shall not have any duty to take any
discretionary action or exercise any discretionary powers, except discretionary
rights and powers expressly contemplated hereby that the Administrative Agent is
required to exercise in writing by the Required Lenders (or such other number or
percentage of the Lenders as shall be necessary under the circumstances as
provided in Section 9.02), and (c) except as expressly set forth herein, the
Administrative Agent shall not have any duty to disclose, and shall not be
liable for the failure to disclose, any information relating to the Borrower or
any of its Subsidiaries that is communicated to or obtained by the bank serving
as Administrative Agent or any of its Affiliates in any capacity. The
Administrative Agent shall not be liable to the Lenders for any action taken or
not taken by it with the consent or at the request of the Required Lenders (or
such other number or percentage of the Lenders as shall be necessary under the
circumstances as provided in Section 9.02) or in the absence of its own gross
negligence or wilful misconduct. The Administrative Agent shall be deemed not to
have knowledge of any Default unless and until written notice thereof is given
to the Administrative Agent by the Borrower or a Lender, and the Administrative
Agent shall not be responsible for or have any duty to ascertain or inquire into
(i) any statement, warranty or representation made in or in connection with this
Agreement, (ii) the contents of any certificate, report or other document
delivered hereunder or in connection herewith, (iii) the performance or
observance of any of the covenants, agreements or other terms or conditions set
forth herein, (iv) the validity, enforceability, effectiveness or genuineness of
this Agreement or any other agreement, instrument or document, or (v) the
satisfaction of any condition set forth in Article IV or elsewhere herein, other
than to confirm receipt of items expressly required to be delivered to the
Administrative Agent.
The Administrative Agent shall be entitled to rely upon, and
shall not incur any liability for relying upon, any notice, request,
certificate, consent, statement, instrument, document or other writing believed
by it to be genuine and to have been signed or sent by the proper Person. The
Administrative Agent also may rely upon any statement made to it orally or by
telephone and believed by it to be made by the proper Person, and shall not
incur any liability for relying thereon. The Administrative Agent may consult
with legal counsel (who may be counsel for the Borrower), independent
accountants and other experts selected by it, and shall not be liable for any
action taken or not taken by it in accordance with the advice of any such
counsel, accountants or experts.
47
The Administrative Agent may perform any and all its duties and
exercise its rights and powers by or through any one or more sub-agents
appointed by the Administrative Agent. The Administrative Agent and any such
sub-agent may perform any and all its duties and exercise its rights and powers
through their respective Related Parties. The exculpatory provisions of the
preceding paragraphs shall apply to any such sub-agent and to the Related
Parties of the Administrative Agent and any such sub-agent, and shall apply to
their respective activities in connection with the syndication of the credit
facilities provided for herein as well as activities as Administrative Agent.
Subject to the appointment and acceptance of a successor
Administrative Agent as provided in this paragraph, the Administrative Agent may
resign at any time by notifying the Lenders, the Issuing Bank and the Borrower.
Upon any such resignation, the Required Lenders shall have the right, with the
Borrower's approval (which will not be unreasonably withheld), to appoint a
successor. If no successor shall have been so appointed by the Required Lenders
and shall have accepted such appointment within 30 days after the retiring
Administrative Agent gives notice of its resignation, then the retiring
Administrative Agent may, with the Borrower's approval (which will not be
unreasonably withheld), on behalf of the Lenders and the Issuing Bank, appoint a
successor Administrative Agent which shall be a bank with an office in New York,
New York, or an Affiliate of any such bank and such bank, or its Affiliate, as
applicable, shall have capital and surplus equal to or greater than
$500,000,000. Upon the acceptance of its appointment as Administrative Agent
hereunder by a successor, such successor shall succeed to and become vested with
all the rights, powers, privileges and duties of the retiring Administrative
Agent, and the retiring Administrative Agent shall be discharged from its duties
and obligations hereunder. The fees payable by the Borrower to a successor
Administrative Agent shall be the same as those payable to its predecessor
unless otherwise agreed between the Borrower and such successor. After the
Administrative Agent's resignation hereunder, the provisions of this Article and
Section 9.03 shall continue in effect for the benefit of such retiring
Administrative Agent, its sub-agents and their respective Related Parties in
respect of any actions taken or omitted to be taken by any of them while it was
acting as Administrative Agent.
Each Lender acknowledges that it has, independently and without
reliance upon the Administrative Agent or any other Lender and based on such
documents and information as it has deemed appropriate, made its own credit
analysis and decision to enter into this Agreement. Each Lender also
acknowledges that it will, independently and without reliance upon the
Administrative Agent or any other Lender and based on such documents and
information as it shall from time to time deem appropriate, continue to make its
own decisions in taking or not taking action under or based upon this Agreement,
any related agreement or any document furnished hereunder or thereunder.
ARTICLE IX
Miscellaneous
SECTION 9.01. Notices. Except in the case of notices and other
communications expressly permitted to be given by telephone, all notices and
other communications provided for herein shall be in writing and shall be
delivered by hand or overnight courier service, mailed by certified or
registered mail or sent by telecopy, as follows:
(a) if to the Borrower, to it at 0000 Xxxxx Xxxx Xxxx, 0xx Xxxxx,
Xxxxxxx, Xxxxx 00000 (for delivery), Attention of Treasurer; P. O. Xxx 0000,
Xxxxxxx Xxxxx 00000 (for mail) (Telecopy No. 713/880-6570);
48
(b) if to the Administrative Agent, to First Union National Bank,
000 Xxxxx Xxxxxxx Xxxxxx, XX00, Xxxxxxxxx, Xxxxx Xxxxxxxx 00000-0000, Attention
of Syndication Agency Services (Telecopy No. 704/383-0288), with a copy to First
Union Securities, Inc., 0000 Xxxxxx, Xxxxx 0000, Xxxxxxx, Xxxxx 00000, Attention
of Xxxxxxx X. Xxxxxxxx (Telecopy No. 713/650-6354);
(c) if to the Issuing Bank, to First Union National Bank, 000
Xxxxx Xxxxxxx Xxxxxx, XX00, Xxxxxxxxx, Xxxxx Xxxxxxxx 00000-0000, Attention of
Syndication Agency Services (Telecopy No. 704/383-0288), with a copy to First
Union Securities, Inc., 0000 Xxxxxx, Xxxxx 0000, Xxxxxxx, Xxxxx 00000, Attention
of Xxxxxxx X. Xxxxxxxx (Telecopy No. 713/650-6354);
(d) if to the Swingline Lender, to First Union National Bank, 000
Xxxxx Xxxxxxx Xxxxxx, XX00, Xxxxxxxxx, Xxxxx Xxxxxxxx 00000-0000, Attention of
Syndication Agency Services (Telecopy No. 704/383-0288), with a copy to First
Union Securities, Inc., 0000 Xxxxxx, Xxxxx 0000, Xxxxxxx, Xxxxx 00000, Attention
of Xxxxxxx X. Xxxxxxxx (Telecopy No. 713/650-6354); and
(e) if to any other Lender, to it at its address (or telecopy
number) set forth in its Administrative Questionnaire.
Any party hereto may change its address or telecopy number for
notices and other communications hereunder by notice to the other parties
hereto. All notices and other communications given to any party hereto in
accordance with the provisions of this Agreement shall be deemed to have been
given on the date of receipt.
SECTION 9.02. Waivers; Amendments. (a) No failure or delay by the
Administrative Agent, the Issuing Bank or any Lender in exercising any right or
power hereunder shall operate as a waiver thereof, nor shall any single or
partial exercise of any such right or power, or any abandonment or
discontinuance of steps to enforce such a right or power, preclude any other or
further exercise thereof or the exercise of any other right or power. The rights
and remedies of the Administrative Agent, the Issuing Bank and the Lenders
hereunder are cumulative and are not exclusive of any rights or remedies that
they would otherwise have. No waiver of any provision of this Agreement or
consent to any departure by the Borrower therefrom shall in any event be
effective unless the same shall be permitted by paragraph (b) of this Section,
and then such waiver or consent shall be effective only in the specific instance
and for the purpose for which given. Without limiting the generality of the
foregoing, the making of a Loan or issuance of a Letter of Credit shall not be
construed as a waiver of any Default, regardless of whether the Administrative
Agent, any Lender or the Issuing Bank may have had notice or knowledge of such
Default at the time.
(b) Neither this Agreement nor any provision hereof may be
waived, amended or modified except pursuant to an agreement or agreements in
writing entered into by the Borrower and the Required Lenders or by the Borrower
and the Administrative Agent with the consent of the Required Lenders; provided
that no such agreement shall (i) increase the Commitment of any Lender without
the written consent of such Lender, (ii) reduce the principal amount of any Loan
or LC Disbursement or reduce the rate of interest thereon, or reduce any fees
payable hereunder, without the written consent of each Lender affected thereby,
(iii) postpone the scheduled date of payment of the principal amount of any Loan
or LC Disbursement, or any interest thereon, or any fees payable hereunder, or
reduce the amount of, waive or excuse any such payment, or postpone the
scheduled date of expiration of any Commitment, without the written consent of
each Lender affected thereby, (iv) change Section 2.18(b) or (c) in a manner
49
that would alter the pro rata sharing of payments required thereby, without the
written consent of each Lender, (v) release the Limited Partner from its
obligations under the Guaranty Agreement without the written consent of each
Lender, or (vi) change any of the provisions of this Section or the definition
of "Required Lenders" or any other provision hereof specifying the number or
percentage of Lenders required to waive, amend or modify any rights hereunder or
make any determination or grant any consent hereunder, without the written
consent of each Lender; provided further that no such agreement shall amend,
modify or otherwise affect the rights or duties of the Administrative Agent, the
Issuing Bank or the Swingline Lender hereunder without the prior written consent
of the Administrative Agent, the Issuing Bank or the Swingline Lender, as the
case may be.
SECTION 9.03. Expenses; Indemnity; Damage Waiver. (a) The
Borrower shall pay (i) all reasonable out-of-pocket expenses incurred by the
Administrative Agent and its Affiliates, including the reasonable fees, charges
and disbursements of one law firm as counsel for the Administrative Agent, in
connection with the syndication (prior to the date hereof) of the credit
facilities provided for herein, the preparation and administration of this
Agreement or any amendments, modifications or waivers of the provisions hereof
(whether or not the transactions contemplated hereby or thereby shall be
consummated), (ii) all reasonable out-of-pocket expenses incurred by the Issuing
Bank in connection with the issuance, amendment, renewal or extension of any
Letter of Credit or any demand for payment thereunder and (iii) all
out-of-pocket expenses reasonably incurred during the existence of an Event of
Default by the Administrative Agent, the Issuing Bank or any Lender, including
the fees, charges and disbursements of any counsel for the Administrative Agent,
the Issuing Bank or any Lender, in connection with the enforcement or protection
of its rights in connection with this Agreement, including its rights under this
Section, or in connection with the Loans made or Letters of Credit issued
hereunder, including all such out-of-pocket expenses incurred during any
workout, restructuring or negotiations in respect of such Loans or Letters of
Credit.
(b) The Borrower shall indemnify the Administrative Agent, the
Issuing Bank and each Lender, and each Related Party of any of the foregoing
Persons (each such Person being called an "Indemnitee") against, and hold each
Indemnitee harmless from, any and all losses, claims, damages, liabilities and
related expenses, including the fees, charges and disbursements of any counsel
of, in connection with, or as a result of (i) the execution or delivery of this
Agreement or any agreement or instrument contemplated hereby, the performance by
the parties hereto of their respective obligations hereunder or the consummation
of the Transactions or any other transactions contemplated hereby, (ii) any Loan
or Letter of Credit or the use of the proceeds therefrom (including any refusal
by the Issuing Bank to honor a demand for payment under a Letter of Credit if
the documents presented in connection with such demand do not strictly comply
with the terms of such Letter of Credit), (iii) any actual or alleged presence
or release of Hazardous Materials on or from any property owned or operated by
the Borrower or any of its Subsidiaries, or any Environmental Liability related
in any way to the Borrower or any of its Subsidiaries, or (iv) any actual or
prospective claim, litigation, investigation or proceeding relating to any of
the foregoing, whether based on contract, tort or any other theory and
regardless of whether any Indemnitee is a party thereto; provided that such
indemnity shall not, as to any Indemnitee, be available (x) to the extent that
such losses, claims, damages, liabilities or related expenses resulted from the
gross negligence or wilful misconduct of such Indemnitee or any Related Party of
such Indemnitee, or (y) in connection with disputes among or between the
Administrative Agent, Lenders, Issuing Bank and/or their respective Related
Parties.
(c) To the extent that the Borrower fails to pay any amount
required to be paid by it to the Administrative Agent, the Issuing Bank or the
Swingline Lender under paragraph (a) or (b) of this Section, each Lender
severally agrees to pay to the Administrative Agent, the Issuing Bank or the
Swingline Lender, as the case may be, such Lender's Applicable Percentage
(determined as of the time that the applicable unreimbursed expense or indemnity
payment is sought) of such unpaid amount; provided that the unreimbursed expense
50
or indemnified loss, claim, damage, liability or related expense, as the case
may be, was incurred by or asserted against the Administrative Agent, the
Issuing Bank or the Swingline Lender in its capacity as such.
(d) To the extent permitted by applicable law, the Borrower shall
not assert, and hereby waives, any claim against any Indemnitee, on any theory
of liability, for punitive damages (as opposed to direct or actual damages)
arising out of, in connection with, or as a result of, this Agreement or any
agreement or instrument contemplated hereby, the Transactions, any Loan or
Letter of Credit or the use of the proceeds thereof.
(e) All amounts due under this Section shall be payable not later
than 30 days after written demand therefor, such demand to be in reasonable
detail setting forth the basis for and method of calculation of such amounts.
SECTION 9.04. Successors and Assigns. (a) The provisions of this
Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns permitted hereby (including any
Affiliate of the Issuing Bank that issues any Letter of Credit), except that the
Borrower may not assign or otherwise transfer any of its rights or obligations
hereunder without the prior written consent of each Lender (and any attempted
assignment or transfer by the Borrower without such consent shall be null and
void). Nothing in this Agreement, expressed or implied, shall be construed to
confer upon any Person (other than the parties hereto, their respective
successors and assigns permitted hereby (including any Affiliate of the Issuing
Bank that issues any Letter of Credit) and, to the extent expressly contemplated
hereby, the Related Parties of each of the Administrative Agent, the Issuing
Bank and the Lenders) any legal or equitable right, remedy or claim under or by
reason of this Agreement.
(b) Any Lender may assign to one or more assignees all or a
portion of its rights and obligations under this Agreement (including all or a
portion of its Commitment and the Loans at the time owing to it); provided that
(i) except in the case of an assignment to a Lender or an Affiliate of a Lender,
each of the Borrower and the Administrative Agent (and, in the case of an
assignment of all or a portion of a Commitment or any Lender's obligations in
respect of its LC Exposure or Swingline Exposure, the Issuing Bank and the
Swingline Lender) must give their prior written consent to such assignment
(which consent shall not be unreasonably withheld), (ii) except in the case of
an assignment to a Lender or an Affiliate of a Lender or an assignment of the
entire remaining amount of the assigning Lender's Commitment, the amount of the
Commitment of the assigning Lender subject to each such assignment (determined
as of the date the Assignment and Acceptance with respect to such assignment is
delivered to the Administrative Agent) shall not be less than $10,000,000 unless
each of the Borrower and the Administrative Agent otherwise consent, (iii) each
partial assignment shall result in the assignee retaining a Commitment of not
less than $10,000,000 and shall be made as an assignment of a proportionate part
of all the assigning Lender's rights and obligations under this Agreement,
except that this clause (iii) shall not apply to rights in respect of
outstanding Competitive Loans, (iv) the parties (other than the Borrower) to
each assignment shall execute and deliver to the Administrative Agent an
Assignment and Acceptance, together with a processing and recordation fee of
$3,500, (v) the assignee, if it shall not be a Lender, shall deliver to the
Administrative Agent an Administrative Questionnaire and (vi) no assignment to a
Foreign Bank shall be made hereunder unless, at the time of such assignment,
there is no withholding tax applicable with respect to such Foreign Bank for
which the Borrower would be or become responsible under Section 2.17; and
provided further that any consent of the Borrower otherwise required under this
paragraph shall not be required if an Event of Default has occurred and is
continuing. Subject to acceptance and recording thereof pursuant to paragraph
(d) of this Section, from and after the effective date specified in each
Assignment and Acceptance the assignee thereunder shall be a party hereto and,
to the extent of the interest assigned by such Assignment and Acceptance, have
the rights and obligations of a Lender under this Agreement, and the assigning
51
Lender thereunder shall, to the extent of the interest assigned by such
Assignment and Acceptance, be released from its obligations under this Agreement
(and, in the case of an Assignment and Acceptance covering all of the assigning
Lender's rights and obligations under this Agreement, such Lender shall cease to
be a party hereto but shall continue to be entitled to the benefits of Sections
2.15, 2.16, 2.17 and 9.03 as to matters occurring on or prior to date of
assignment). Any assignment or transfer by a Lender of rights or obligations
under this Agreement that does not comply with this paragraph shall be treated
for purposes of this Agreement as a sale by such Lender of a participation in
such rights and obligations in accordance with paragraph (e) of this Section.
(c) The Administrative Agent, acting for this purpose as an agent
of the Borrower, shall maintain at one of its offices in The City of New York a
copy of each Assignment and Acceptance delivered to it and a register for the
recordation of the names and addresses of the Lenders, and the Commitment of,
and principal amount of the Loans and LC Disbursements owing to, each Lender
pursuant to the terms hereof from time to time (the "Register"). The entries in
the Register shall be conclusive absent manifest error, and the Borrower, the
Administrative Agent, the Issuing Bank and the Lenders may treat each Person
whose name is recorded in the Register pursuant to the terms hereof as a Lender
hereunder for all purposes of this Agreement, notwithstanding notice to the
contrary. The Register shall be available for inspection by the Borrower, the
Issuing Bank and any Lender, at any reasonable time and from time to time upon
reasonable prior notice.
(d) Upon its receipt of a duly completed Assignment and
Acceptance executed by an assigning Lender and an assignee, the assignee's
completed Administrative Questionnaire (unless the assignee shall already be a
Lender hereunder), the processing and recordation fee referred to in paragraph
(b) of this Section and any written consent to such assignment required by
paragraph (b) of this Section, the Administrative Agent shall accept such
Assignment and Acceptance and record the information contained therein in the
Register. No assignment shall be effective for purposes of this Agreement unless
it has been recorded in the Register as provided in this paragraph.
(e) Any Lender may, without the consent of the Borrower, the
Administrative Agent, the Issuing Bank or the Swingline Lender, sell
participations to one or more banks or other entities (a "Participant") in all
or a portion of such Lender's rights and obligations under this Agreement
(including all or a portion of its Commitment and the Loans owing to it);
provided that (i) such Lender's obligations under this Agreement shall remain
unchanged, (ii) such Lender shall remain solely responsible to the other parties
hereto for the performance of such obligations and (iii) the Borrower, the
Administrative Agent, the Issuing Bank and the other Lenders shall continue to
deal solely and directly with such Lender in connection with such Lender's
rights and obligations under this Agreement. Any agreement or instrument
pursuant to which a Lender sells such a participation shall provide that such
Lender shall retain the sole right to enforce this Agreement and to approve any
amendment, modification or waiver of any provision of this Agreement; provided
that such agreement or instrument may provide that such Lender will not, without
the consent of the Participant, agree to any amendment, modification or waiver
described in the first proviso to Section 9.02(b) that affects such Participant.
(f) A Participant shall not be entitled to receive any greater
payment under Section 2.15 or 2.17 than the applicable Lender would have been
entitled to receive with respect to the participation sold to such Participant,
unless the sale of the participation to such Participant is made with the
Borrower's prior written consent. A Participant that would be a Foreign Lender
if it were a Lender shall not be entitled to the benefits of Section 2.17 unless
the Borrower is notified of the participation sold to such Participant and such
Participant agrees, for the benefit of the Borrower, to comply with Section
2.17(e) as though it were a Lender and has zero withholding at the time of
participation.
52
(g) Any Lender may at any time pledge or assign a security
interest in all or any portion of its rights under this Agreement to secure
obligations of such Lender to a Federal Reserve Bank, and this Section shall not
apply to any such pledge or assignment of a security interest; provided that no
such pledge or assignment of a security interest shall release a Lender from any
of its obligations hereunder or substitute any such pledgee or assignee for such
Lender as a party hereto.
(h) Notwithstanding any other provision of this Section 9.04, no
transfer or assignment of the interest or obligations of any Lender or any grant
of participations therein shall be permitted hereunder unless a pro rata portion
of such Lender's 364-Day Credit Facility Commitment is contemporaneously
transferred, assigned or conveyed or participated and the transferee agrees to
be bound by these transfer restrictions with respect to any future transfer,
assignment, conveyance or grant of participations with respect to the
Commitments.
SECTION 9.05. Survival. All covenants, agreements,
representations and warranties made by the Borrower herein and in the
certificates or other instruments delivered in connection with or pursuant to
this Agreement shall be considered to have been relied upon by the other parties
hereto and shall survive the execution and delivery of this Agreement and the
making of any Loans and issuance of any Letters of Credit, regardless of any
investigation made by any such other party or on its behalf and notwithstanding
that the Administrative Agent, the Issuing Bank or any Lender may have had
notice or knowledge of any Default or incorrect representation or warranty at
the time any credit is extended hereunder, and shall continue in full force and
effect as long as the principal of or any accrued interest on any Loan or any
fee or any other amount payable under this Agreement is outstanding and unpaid
or any Letter of Credit is outstanding and so long as the Commitments have not
expired or terminated. The provisions of Sections 2.15, 2.16, 2.17 and 9.03 and
Article VIII shall survive and remain in full force and effect regardless of the
consummation of the transactions contemplated hereby, the repayment of the
Loans, the expiration or termination of the Letters of Credit and the
Commitments or the termination of this Agreement or any provision hereof.
SECTION 9.06. Counterparts; Integration; Effectiveness. This
Agreement may be executed in counterparts (and by different parties hereto on
different counterparts), each of which shall constitute an original, but all of
which when taken together shall constitute a single contract. This Agreement and
any separate letter agreements with respect to fees payable to the
Administrative Agent constitute the entire contract among the parties relating
to the subject matter hereof and supersede any and all previous agreements and
understandings, oral or written, relating to the subject matter hereof. This
Agreement shall become effective when it shall have been executed by the
Administrative Agent and when the Administrative Agent shall have received
counterparts hereof which, when taken together, bear the signatures of each of
the other parties hereto, and thereafter shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns.
Delivery of an executed counterpart of a signature page of this Agreement by
telecopy shall be effective as delivery of a manually executed counterpart of
this Agreement.
SECTION 9.07. Severability. Any provision of this Agreement held
to be invalid, illegal or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such invalidity, illegality or
unenforceability without affecting the validity, legality and enforceability of
the remaining provisions hereof; and the invalidity of a particular provision in
a particular jurisdiction shall not invalidate such provision in any other
jurisdiction.
SECTION 9.08. Right of Setoff. If an Event of Default shall have
occurred and be continuing and the Required Lenders have directed the
Administrative Agent to accelerate under Article VII, each Lender and each of
its Affiliates is hereby authorized at any time and from time to time, to the
fullest extent permitted by law, to set off and apply any and all deposits
(general or special, time or demand, provisional or final) at any time held and
53
other obligations at any time owing by such Lender or Affiliate to or for the
credit or the account of the Borrower against any of and all the obligations of
the Borrower now or hereafter existing under this Agreement held by such Lender,
irrespective of whether or not such Lender shall have made any demand under this
Agreement and although such obligations may be unmatured. The rights of each
Lender under this Section are in addition to other rights and remedies
(including other rights of setoff) which such Lender may have.
SECTION 9.09. Governing Law; Jurisdiction; Consent to Service of
Process. (a) This Agreement shall be construed in accordance with and governed
by the law of the State of New York.
(b) The Borrower hereby irrevocably and unconditionally submits,
for itself and its property, to the nonexclusive jurisdiction of the Supreme
Court of the State of New York sitting in New York County and of the United
States District Court of the Southern District of New York, and any appellate
court from any thereof, in any action or proceeding arising out of or relating
to this Agreement, or for recognition or enforcement of any judgment, and each
of the parties hereto hereby irrevocably and unconditionally agrees that all
claims in respect of any such action or proceeding may be heard and determined
in such New York State or, to the extent permitted by law, in such Federal
court. Each of the parties hereto agrees that a final judgment in any such
action or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law.
Nothing in this Agreement shall affect any right that the Administrative Agent,
the Issuing Bank or any Lender may otherwise have to bring any action or
proceeding relating to this Agreement against the Borrower or its properties in
the courts of any jurisdiction.
(c) The Borrower hereby irrevocably and unconditionally waives,
to the fullest extent it may legally and effectively do so, any objection which
it may now or hereafter have to the laying of venue of any suit, action or
proceeding arising out of or relating to this Agreement in any court referred to
in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably
waives, to the fullest extent permitted by law, the defense of an inconvenient
forum to the maintenance of such action or proceeding in any such court.
(d) Each party to this Agreement irrevocably consents to service
of process in the manner provided for notices in Section 9.01. Nothing in this
Agreement will affect the right of any party to this Agreement to serve process
in any other manner permitted by law.
SECTION 9.10. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE
TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF
OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER
BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES
THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT
AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY,
AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.
SECTION 9.11. Headings. Article and Section headings and the
Table of Contents used herein are for convenience of reference only, are not
part of this Agreement and shall not affect the construction of, or be taken
into consideration in interpreting, this Agreement.
54
SECTION 9.12. Confidentiality. Each of the Administrative Agent,
the Issuing Bank and the Lenders agrees to maintain the confidentiality of the
Information (as defined below), except that Information may be disclosed (a) to
its and its Affiliates' directors, officers, employees and agents, including
accountants, legal counsel and other advisors (it being understood that the
Persons to whom such disclosure is made will be informed of the confidential
nature of such Information and instructed to keep such Information
confidential), (b) to the extent requested by any regulatory authority, (c) to
the extent required by applicable laws or regulations or by any subpoena or
similar legal process, (d) to any other party to this Agreement, (e) in
connection with the exercise of any remedies hereunder or any suit, action or
proceeding relating to this Agreement or the enforcement of rights hereunder,
(f) subject to an agreement containing provisions substantially the same as
those of this Section, to any assignee of or Participant in, or any prospective
assignee of or Participant in, any of its rights or obligations under this
Agreement, (g) with the consent of the Borrower or (h) to the extent such
Information (i) becomes publicly available other than as a result of a breach of
this Section or (ii) becomes available to the Administrative Agent, the Issuing
Bank or any Lender on a nonconfidential basis from a source other than the
Borrower and its Related Parties. For the purposes of this Section,
"Information" means all information received from the Borrower relating to the
Borrower or its business, other than any such information that is available to
the Administrative Agent, the Issuing Bank or any Lender on a nonconfidential
basis prior to disclosure by the Borrower.
SECTION 9.13. Interest Rate Limitation. Notwithstanding anything
herein to the contrary, if at any time the interest rate applicable to any Loan,
together with all fees, charges and other amounts which are treated as interest
on such Loan under applicable law (collectively the "Charges"), shall exceed the
maximum lawful rate (the "Maximum Rate") which may be contracted for, charged,
taken, received or reserved by the Lender holding such Loan in accordance with
applicable law, the rate of interest payable in respect of such Loan hereunder,
together with all Charges payable in respect thereof, shall be limited to the
Maximum Rate and, to the extent lawful, the interest and Charges that would have
been payable in respect of such Loan but were not payable as a result of the
operation of this Section shall be cumulated and the interest and Charges
payable to such Lender in respect of other Loans or periods shall be increased
(but not above the Maximum Rate therefor) until such cumulated amount, together
(to the extent lawful) with interest thereon at the Federal Funds Effective Rate
to the date of repayment, shall have been received by such Lender.
SECTION 9.14 Liability of General Partner. It is hereby
understood and agreed that the General Partner shall have no personal liability,
as general partner or otherwise, for the payment of any amount owing or to be
owing hereunder.
SECTION 9.15 Existing $350,000,000 Chase Credit Facility. The
undersigned agree and acknowledge that the Existing $350,000,000 Chase Credit
Facility is hereby terminated and all Revolving Credit Commitments (as defined
in the Existing $350,000,000 Chase Credit Facility) are hereby terminated, and
the undersigned waive any right to receive any notice of such termination and
any right to receive any notice of prepayment of amounts owed under the Existing
$350,000,000 Chase Credit Facility. Each Lender that was a party to the Existing
$350,000,000 Chase Credit Facility hereby agrees to return to the Borrower, with
reasonable promptness, any Revolving Credit Note (as defined in the Existing
$350,000,000 Chase Credit Facility) delivered by the Borrower to such Lender.
55
[Credit Agreement - Signature Page 16]
IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be duly executed by their respective authorized officers as of the
day and year first above written.
ENTERPRISE PRODUCTS OPERATING L.P.
By: Enterprise Products GP, LLC, General
Partner
By: /s/ Xxxxxxx X. Xxxxx
-----------------------------
Name: Xxxxxxx X. Xxxxx
Title: Senior Vice President and Chief
Financial Officer
FIRST UNION NATIONAL BANK, individually, as
Administrative Agent
By: /s/ Xxxxxxx Xxxxxxxx
-----------------------------
Name: Xxxxxxx Xxxxxxxx
Title: Vice President
BANK ONE, NA (Main Office-Chicago), individually
and as Documentation Agent
By: /s/ Xxxxxxx X. Xxxxx
-----------------------------
Name: Xxxxxxx X. Xxxxx
Title: Vice President
THE CHASE MANHATTAN BANK, individually and as
Syndication Agent
By: /s/ Xxxxxx Xxxx
-----------------------------
Name: Xxxxxx Xxxx
Title: Vice President
THE FUJI BANK, LIMITED, individually and as
Managing Agent
By: /s/ Xxxx Xxxxx
-----------------------------
Name: Xxxx Xxxxx
Title: General Manager
GUARANTY FEDERAL BANK, F.S.B.
By: /s/ Xxx X. Xxxxxxxx
-----------------------------
Name: Xxx X. Xxxxxxxx
Title: Vice President
HIBERNIA NATIONAL BANK
By: /s/ Xxxxx X. Xxxxxxx
-----------------------------
Name: Xxxxx X. Xxxxxxx
Title: Vice President
NATIONAL AUSTRALIA BANK LIMITED, A.C.N.
By: /s/ Xxxxx X. Xxxxxxxx
-----------------------------
Name: Xxxxx X. Xxxxxxxx
Title: Senior Vice President
TORONTO DOMINION (TEXAS), INC., individually and
as Managing Agent
By: /s/ Xxxxxxx X. Xxxxx
-----------------------------
Name: Xxxxxxx X. Xxxxx
Title: Vice President
FLEET NATIONAL BANK, individually and as
Managing Agent
By: /s/ Xxxxxxxxxxx X. Xxxxxxxx
----------------------------
Name: Xxxxxxxxxxx X. Xxxxxxxx
Title: Managing Director
THE DAI-ICHI KANGYO BANK, LIMITED, individually
and as Managing Agent
By: /s/ Xxxxxxx X. Xxxxxx
-----------------------------
Name: Xxxxxxx X. Xxxxxx
Title: Vice President
BANK OF TOKYO - MITSUBISHI, LTD., HOUSTON AGENCY,
individually and as Co-Agent
By: /s/ Xxxx X. XxXxxx
-----------------------------
Name: Xxxx X. XxXxxx
Title: Vice President & Manager
SUNTRUST BANK, individually and as Co-Agent
By: /s/ Xxxxx X. Edge
-----------------------------
Name: Xxxxx X. Edge
Title: Director
WESTDEUTSCHE LANDESBANK GIROZENTRALE,
NEW YORK BRANCH, individually and as Co-Agent
By: /s/ Xxxx X. Xxxxxxxx
-----------------------------
Name: Xxxx X. Xxxxxxxx
Title: Director
By: /s/ Xxxxxx Xxx
-----------------------------
Name: Xxxxxx Xxx
Title: Associate
CITIBANK, NA
By: /s/Xxxxxxx X. Xxxxxxx
-----------------------------
Name: Xxxxxxx x. Xxxxxxx
Title: Vice President
Global Energy & Mining
THE BANK OF NOVA SCOTIA
By: /s/ F.C.H. Xxxxx
-----------------------------
Name: F.C.H. Xxxxx
Title: Senior Manager Loan Operations
SCHEDULE 1.01
EXISTING LETTERS OF CREDIT
None.
SCHEDULE 2.01
COMMITMENTS
Lender Commitment
First Union National Bank $25,000,000
The Chase Manhattan Bank $23,125,000
Bank One, NA (Main Office - Chicago) $23,125,000
National Australia Bank Limited $21,250,000
Toronto Dominion (Texas), Inc. $21,250,000
Fleet National Bank $21,250,000
The Fuji Bank, Limited $12,750,000
The Dai-Ichi Kangyo Bank, Limited $ 8,500,000
Bank of Tokyo - Mitsubishi, Ltd., Houston Agency $15,625,000
Sun Trust Bank $15,625,000
Westdeutsche Landesbank Girozentrale, New York Branch $15,625,000
Guaranty Federal Bank, F.S.B. $12,500,000
Citibank NA $12,500,000
The Bank of Nova Scotia $12,500,000
Hibernia National Bank $ 9,375,000
SCHEDULE 3.06
DISCLOSED MATTERS
None.
SCHEDULE 3.12
SUBSIDIARIES
Name of Subsidiary Type of Entity Jurisdiction of Effective Ownership by the Material
Formation Borrower or ASubsidiary Subsidiary
----------------------------------------------------------------------------------------------------------------------------------
Cajun Pipeline company, LLC Limited Liability Company Texas Borrower - 100% No
Chunchula Pipeline Company, LLC Limited Liability Company Texas Borrower - 100% No
Enterprise Products Texas Operating L.P. Limited Partnership Texas Borrower - 99%* No
HSC Pipeline Partnership, L.P. Limited Partnership Texas Borrower - 99%* No
Propylene Pipeline Partnership, L.P. Limited Partnership Texas Borrower - 99%* No
Enterprise Xxx-Xxx Propylene Pipeline L.P. Limited Partnership Texas Borrower - 99% Yes
Propylene Pipeline - 1%
Partnership, L.P.
Sabine Propylene Pipeline L.P. Limited Partnership Texas Borrower - 99% No
Propylene Pipeline
Partnership, L.P. - 1%
Enterprise Xxx-Xxx NGL Pipeline L.P. Limited Partnership Texas Borrower - 99% Yes
HSC Pipeline Partnership,
L.P.- 1%
Sorrento Pipeline Company, LLC Limited Liability Company Texas Borrower - 100% Yes
Enterprise NGL Pipeline, LLC Limited Liability Company Delaware Borrower - 100% No
Enterprise Gas Processing, LLC Limited Liability Company Delaware Borrower - 100% Yes
Enterprise NGL Private Lines & Storage, LLC Limited Liability Company Delaware Borrower - 100% No
Enterprise Fractionation, LLC Limited Liability Company Delaware Borrower - 100% No
Entell NGL Services, L.L.C. Limited Liability Company Delaware Borrower - 100% No
Enterprise Norco LLC Limited Liability Company Delaware Enterprise Gas
Processing, LLC - 100% No
EPOLP 1999 Grantor Trust Grantor Trust Texas Borrower - 100% No
Remaining 1% partnership interest is owned by the Limited Partner, the sole
limited partner of the applicable limited partnership.
SCHEDULE 6.01
EXISTING INDEBTEDNESS OF SUBSIDIARIES
None.
SCHEDULE 6.06
EXISTING RESTRICTIONS
None.
EXHIBIT A
FORM OF
ASSIGNMENT AND ACCEPTANCE
Reference is made to the Credit Agreement dated as of November
___, 2000 (as amended and in effect on the date hereof, the "Credit Agreement"),
among Enterprise Products Operating L.P., the Lenders named therein and First
Union National Bank, as Administrative Agent for the Lenders. Terms defined in
the Credit Agreement are used herein with the same meanings.
The Assignor named herein hereby sells and assigns, without
recourse, to the Assignee named herein, and the Assignee hereby purchases and
assumes, without recourse, from the Assignor, effective as of the Assignment
Date set forth herein the interests set forth herein (the "Assigned Interest")
in the Assignor's rights and obligations under the Credit Agreement, including,
without limitation, the interests set forth herein in the Commitment of the
Assignor on the Assignment Date and Competitive Loans and Revolving Loans owing
to the Assignor which are outstanding on the Assignment Date, together with the
participations in Letters of Credit, LC Disbursements and Swingline Loans held
by the Assignor on the Assignment Date, but excluding accrued interest and fees
to and excluding the Assignment Date. The Assignee hereby acknowledges receipt
of a copy of the Credit Agreement. From and after the Assignment Date (i) the
Assignee shall be a party to and be bound by the provisions of the Credit
Agreement and, to the extent of the Assigned Interest, have the rights and
obligations of a Lender thereunder and (ii) the Assignor shall, to the extent of
the Assigned Interest, relinquish its rights and be released from its
obligations under the Credit Agreement.
This Assignment and Acceptance is being delivered to the
Administrative Agent together with (i) if the Assignee is a Foreign Lender, any
documentation required to be delivered by the Assignee pursuant to Section
2.17(e) of the Credit Agreement, duly completed and executed by the Assignee,
and (ii) if the Assignee is not already a Lender under the Credit Agreement, an
Administrative Questionnaire in the form supplied by the Administrative Agent,
duly completed by the Assignee. The [Assignee/Assignor] shall pay the fee
payable to the Administrative Agent pursuant to Section 9.04(b) of the Credit
Agreement. This Assignment and Acceptance shall be governed by and construed in
accordance with the laws of the State of New York.
Date of Assignment:
Legal Name of Assignor:
Legal Name of Assignee:
Assignee's Address for Notices:
Effective Date of Assignment
("Assignment Date"):
A-1
Percentage Assigned of
Facility/Commitment (set forth,
to at least 8 decimals, as a
Principal Amount Assigned percentage of the aggregate
(and identifying information Commitments of all Lenders
as to individual Competitive thereunder)
Loans)
Facility
--------------------------------------- ----------------- ----------------------
Commitment Assigned: $ %
--------------------------------------- ----------------- ---------------------
Revolving Loans:
--------------------------------------- ----------------- ----------------------
Competitive Loans:
======================================= ================= ======================
The terms set forth above are hereby agreed to:
[Name of Assignor] , as Assignor
By:
Name:
Title:
[Name of Assignee] , as Assignee
By:
Name:
Title:
A-2
The undersigned hereby consent to the within assignment:
Enterprise Products Operating L.P. First Union National Bank,
as Administrative Agent
By: Enterprise Products GP, LLC,
General Partner
By: By:
_________________________________ __________________________
Name: Name:
Title: Title:
First Union National Bank, First Union National Bank,
as Swingline Lender as Issuing Bank
By: By:
_________________________ _______________________
Name: Name:
Title: Title:
A-3
EXHIBIT B
FORM OF BORROWING REQUEST
Dated __________
First Union National Bank,
as Administrative Agent
Xxx Xxxxx Xxxxx Xxxxxx, XX-00
000 Xxxxx Xxxxxxx Xxxxxx
Xxxxxxxxx, Xxxxx Xxxxxxxx 00000-0000
Attn: Syndication Agency Services
Ladies and Gentlemen:
This Borrowing Request is delivered to you by Enterprise Products
Operating L.P. (the "Borrower"), a Delaware limited partnership, under Section
2.03 of the Credit Agreement dated as of November ___, 2000 (as restated,
amended, modified, supplemented and in effect, the "Credit Agreement"), by and
among the Borrower, the Lenders party thereto, First Union National Bank, as
Administrative Agent, The Chase Manhattan Bank, NA, as Syndication Agent, and
Bank One, N.A., as Documentation Agent.
1. The Company hereby requests that the Lenders make a Loan or Loans in the
aggregate principal amount of $______________ (the "Revolving Loan" or the
"Revolving Loans).1/ -
2. The Company hereby requests that the Revolving Loan or Revolving Loans
be made on the following Business Day: 2/ -
3. The Company hereby requests that the Revolving Loan or Revolving Loans
bear interest at the following interest rate, plus (if Eurodollar Loan) the
Applicable Margin, as set forth below:
Principal Maturity Date for
Type of Component of Interest Interest Period Interest Period
Revolving Loan Revolving Loan Rate (if applicable) (if applicable)
-------------- -------------- ---- --------------- ---------------
------------------------
1. Complete with an amount in accordance with Section 2.03 of the
Credit Agreement
2. Complete with A business Day in accordance with Section 2.03 of the
Credit Agreement.
B-1
Principal Maturity Date for
Type of Component of Interest Interest Period Interest Period
Revolving Loan Revolving Loan Rate (if applicable) (if applicable)
-------------- -------------- ---- --------------- ---------------
4. The Company hereby requests that the funds from the Revolving Loan or
Revolving Loans be disbursed to the following bank account:
______________________________.
5. After giving effect to the requested Revolving Loan, the sum of the
Exposures outstanding as of the date hereof (including the requested Loans) does
not exceed the maximum amount permitted to be outstanding pursuant to the terms
of the Credit Agreement.
6. All of the conditions applicable to the Revolving Loans requested
herein as set forth in the Credit Agreement have been satisfied as of the date
hereof and will remain satisfied to the date of such Loans.
7. All capitalized undefined terms used herein have the meanings
assigned thereto in the Credit Agreement.
IN WITNESS WHEREOF, the undersigned have executed this Borrowing Request
this _____ day of _______________, ______.
ENTERPRISE PRODUCTS OPERATING L.P.
By: Enterprise Products GP, LLC, its General Partner
By: ___________________________________
Name: ___________________________________
Title: ___________________________________
B-2
EXHIBIT C
FORM OF COMPETITIVE BID REQUEST
First Union National Bank,
as Administrative Agent
Xxx Xxxxx Xxxxx Xxxxxx, XX-00
000 Xxxxx Xxxxxxx Xxxxxx
Xxxxxxxxx, Xxxxx Xxxxxxxx 00000-0000
Attention: Syndication Agency Services
Ladies and Gentlemen:
Reference is made to the Credit Agreement dated as of November __, 2000
(as restated, amended, modified, supplemented and in effect from time to time,
the "Credit Agreement"), among the undersigned, the Lenders party thereto, the
Syndication Agent, the Documentation Agent and First Union National Bank, as
Administrative Agent. Capitalized terms used herein and not otherwise defined
herein shall have the meanings assigned to such terms in the Credit Agreement.
The undersigned hereby gives you notice pursuant to Section 2.04 of the Credit
Agreement that it requests a Competitive Borrowing under the Credit Agreement,
and in that connection sets forth below the terms on which such Competitive
Borrowing is requested to be made:
(A) Borrowing Date of Competitive
Borrowing (which is a Business Day) --------------------------------
(B) Aggregate Principal Amount of
Competitive Borrowing 1/ --------------------------------
-
(C) Interest rate basis2/ --------------------------------
-
(D) Interest Period and the last --------------------------------
day thereof3/
-
(E) Location and number of Borrower's account------------------------------
to which funds are to be deposited --------------------------------
------------------------
1. Not less than $5,000,000 or greater than the unused Total commitment
and in intergral multiples of $1,000,000.
2. Eurodollar Competitive Borrowing or Fixed Rate Borrowing.
3. Which shall have a duration (i) in the case of a Eurodollar Loan, of
one, two, three or six months and (ii) in the case of Fixed Rate Loan,
of not less than seven days nor more than 180 days, and which, in
either case, shall end not later than the Maturity Date.
C-1
By the delivery of this Competitive Bid Request and the acceptance of
any or all of the Competitive Loans offered by the Lenders in response to this
Competitive Bid Request, the undersigned shall be deemed to have represented and
warranted that the applicable conditions to lending specified in Article IV of
the Credit Agreement have been satisfied with respect to the Competitive
Borrowing requested hereby.
Very truly yours,
ENTERPRISE PRODUCTS OPERATING L.P.
By: Enterprise Products GP, LLC, its General
Partner
By:
Name:
Title:
C-2
EXHIBIT D
FORM OF
INTEREST ELECTION REQUEST
Dated _____________
First Union National Bank,
as Administrative Agent
Xxx Xxxxx Xxxxx Xxxxxx, XX-00
000 Xxxxx Xxxxxxx Xxxxxx
Xxxxxxxxx, Xxxxx Xxxxxxxx 00000-0000
Attn: Syndication Agency Services
Ladies and Gentlemen:
This irrevocable Interest Election Request (the "Request") is delivered
to you under Section 2.08 of the Credit Agreement dated as of November __, 2000
(as restated, amended, modified, supplemented and in effect from time to time,
the "Credit Agreement"), by and among Enterprise Products Operating L.P., a
Delaware limited partnership (the "Company"), the Lenders party thereto (the
"Lenders"), First Union National Bank, as Administrative Agent, The Chase
Manhattan Bank, as Syndication Agent, and Bank One, N.A., as Documentation
Agent.
1. This Interest Election Request is submitted for the purpose of:
(a) [Converting] [Continuing] a ____________ Revolving Loan [into] [as] a
____________ Loan.1/
(b) The aggregate outstanding principal balance of such Revolving Loan is
$______________.
(c) The last day of the current Interest Period for such Revolving Loan is
_____________.2/ -
(d) The principal amount of such Revolving Loan to be [converted]
[continued] is $_____________.3/
(e) The requested effective date of the [conversion] [continuation] of
such Revolving Loan is _______________.4/ -
____________________
1, Delete the bracketed language and insert "alternate Base Rate" or
"LIBO Rate", as applicable, in each blank.
2. Insert applicable date for any Eurodollar Loan being converted or
continued.
3. Complete with an amount in compliance with Section 2.08 of the Credit
Agreement.
4. Complete with a Business Date in compliance with Section 2.08 of the
Credit Agreement.
D-1
(f) The requested Interest Period applicable to the [converted]
[continued] Revolving Loan is ____________________.5/ -
2. With respect to a Revolving Borrowing to be converted to or continued
as a Eurodollar Borrowing, no Event of Default exists, and none will
exist upon the conversion or continuation of the Revolving Borrowing
requested herein.
3. All capitalized undefined terms used herein have the meanings assigned
thereto in the Credit Agreement.
IN WITNESS WHEREOF, the undersigned has executed this Interest Election
Request this _____ day of ___________________, ____.
ENTERPRISE PRODUCTS OPERATING L.P.
By: Enterprise Products GP, LLC,
its General Partner
By:
________________________
Name:
______________________
Title:
_____________________
_______________________
5. complete for each Eurodollar Loan in compliance with the definition of
the term "Interest Period" specified in Section 1.01.
D-2
EXHIBIT E
FORM OF
OPINION OF COUNSEL FOR THE GENERAL PARTNER
[LETTERHEAD]
November 17, 2000
First Union National Bank, as Administrative
Agent, Issuing Bank and Swingline
Lender
Bank One, NA, as Documentation Agent
The Chase Manhattan Bank, as Syndication
Agent
The Other Lenders to the Credit Agreement
Referred to Below
Ladies and Gentlemen:
I am the Executive Vice President and Chief Legal Officer of
Enterprise Products GP, LLC, a Delaware limited liability company and the sole
general partner (in such capacity, the "General Partner") of Enterprise Products
Operating L.P., a Delaware limited partnership (the "Borrower"), and Enterprise
Products Partners L.P., a Delaware limited partnership (the "Guarantor"), and in
such capacity, have represented the Borrower and the Guarantor, in connection
with (i) the Borrower's execution and delivery of the Credit Agreement dated as
of November 17, 2000 (the "Credit Agreement"), among the Borrower, First Union
National Bank, as Administrative Agent (in such capacity, the "Administrative
Agent"), Issuing Bank and Swingline Lender, Bank One, NA, as Documentation
Agent, The Chase Manhattan Bank, as Syndication Agent, and the other agents and
lenders parties thereto (collectively, the "Lenders"), with respect to the
Multi-Year Revolving Credit Facility, and (ii) the Guarantor's execution and
delivery of the Guaranty Agreement (Multi-Year Credit Facility) dated as of
November 17, 2000 (the "Guaranty Agreement") in favor of the Administrative
Agent. This opinion is being furnished to you pursuant to Section 4.01(b) of the
Credit Agreement. Unless otherwise defined herein, terms defined in the Credit
Agreement are used herein as therein defined.
In expressing the opinions expressed below, I have examined
executed counterparts (or copies thereof) of each of the Credit Agreement, the
Guaranty Agreement and the promissory notes and other documents executed and
delivered by either the Borrower or the Guarantor in connection therewith (the
Credit Agreement, the Guaranty Agreement and such promissory notes and other
documents being herein sometimes referred to collectively, the "Credit
Documents"), the originals or conformed copies of such limited liability company
or partnership records, agreements and instruments of the Borrower, the General
Partner and the Guarantor (the General Partner and the Guarantor being herein
sometimes referred to individually, as a "Partner" and, collectively, as the
"Partners"), certificates of public officials and of officers of the Borrower
and the Partners and such other documents and records, and such matters of law,
as I have deemed appropriate as a basis for the opinions hereinafter expressed.
As to factual matters, I have relied upon, and assumed the accuracy of, (a)
statements and certifications of officers of the General Partner and of
appropriate public officials, and (b) the representations and warranties of the
Borrower and the Partners contained in or made pursuant to each of the Credit
Documents to which they are respectively a party, and my opinion is limited to
such factual matters in existence on the date hereof. In stating my opinion, I
have assumed the genuineness of all signatures of persons signing the Credit
-1-
Documents on behalf of parties thereto (including faxed copies of such
signatures), other than the persons signing on behalf of the Borrower and the
Partners, the authenticity and completeness of all documents, certificates and
records submitted to me as originals and the conformity to authentic original
instruments of all documents (including any of the Credit Documents),
certificates and records submitted to me as certified, conformed, faxed or
photostatic copies. I have assumed further that the execution and delivery of
the Credit Documents or any other instruments executed in connection with the
Credit Documents, or as part of the same transaction as the Credit Documents, by
any party other than the Borrower and the Partners have been duly authorized by
such other party and are legal, valid, binding and enforceable obligations of
such other party.
This opinion is limited in all respects to the laws of the States of
Texas and Delaware and federal law as in effect on the date hereof. I note that
the Credit Agreement and the other Credit Documents provide that they are to be
governed by the laws of the State of New York. Accordingly, in expressing this
opinion, I have assumed, with your permission, that the laws of the State of New
York are identical in all respects to the laws of the State of Texas.
Based upon the foregoing and subject to the limitations,
qualifications, assumptions and exceptions set forth herein, I am of the opinion
that:
1. The General Partner (a) is a limited liability company duly organized
and validly existing under the laws of the State of Delaware and (b) has the
limited liability company power and authority to (i) own or lease the property
which it owns or leases, (ii) conduct the business in which it is currently
engaged and in which it proposes, as of the date hereof, to be engaged after the
date hereof and (iii) make, deliver and perform, on behalf of, and as the sole
general partner of, each of the Borrower and the Guarantor, the Credit Documents
to which they respectively are a party in accordance with the terms and
provisions thereof. Each of the Borrower and the Guarantor (a) is a limited
partnership duly organized and validly existing under the laws of the State of
Delaware and (b) has the partnership power and authority to (i) own or lease the
property which it owns or leases, (ii) conduct the business in which it is
currently engaged and in which it proposes, as of the date hereof, to be engaged
after the date hereof and (iii) make, deliver and perform the Credit Documents
to which it is a party in accordance with the terms and provisions thereof. The
Borrower has the partnership power and authority to borrow under the Credit
Agreement.
2. The General Partner has taken all necessary limited liability company
action to authorize, (a) on behalf of, and as the sole general partner of, the
Borrower, the borrowings by the Borrower on the terms and conditions of the
Credit Agreement and (b)on behalf of, and as the sole general partner of, each
of the Borrower and the Guarantor, the execution, delivery and performance of
each of the Credit Documents to which the Borrower or the Guarantor is a party.
Each of the Borrower and the Guarantor has taken all necessary partnership
action to authorize (a) with respect to the Borrower only, the borrowings by the
Borrower on the terms and conditions of the Credit Agreement and (b) the
execution, delivery and performance of each of the Credit Documents to which it
is a party.
3. Each of the Credit Documents to which the Borrower is a party i) has
been duly executed and delivered on behalf of the Borrower and (ii) constitutes
-2-
the legal, valid and binding obligations of the Borrower enforceable against the
Borrower in accordance with its terms. Each of the Credit Documents to which the
Guarantor is a party (a) has been duly executed and delivered on behalf of
the Guarantor and(b constitutes the legal,valid and binding obligations of the
Guarantor enforceable against the Guarantor in accordance with its terms.
4. The execution, delivery and performance by the General Partner, as the
sole general partner of, and on behalf of, the Borrower, of the Credit Agreement
and each of the other Credit Documents to which the Borrower is a party in
accordance with the terms thereof will not (a) violate any provision of the
limited liability company agreement of the General Partner, the Partnership
Agreement or the other organizational documents of the General Partner or the
Borrower, respectively, (b) result in the breach of or constitute a Default
under the Credit Agreement, (c) violate any law or regulation applicable to the
General Partner or the Borrower or any order of any Governmental Authority to
which the General Partner or the Borrower is subject, (d) except for the
Existing $350,000,000 Chase Credit Facility, violate or result in a default
under any material indenture, material agreement or other material instrument
binding upon the Borrower or any of its assets, or (e) result in, or require,
the creation or imposition of any Lien on the Borrower's properties or revenues
that is prohibited by any of the Credit Documents or any other material
indenture, material agreement or other material instrument binding upon the
Borrower or any of its assets.
5. The execution, delivery and performance by the General Partner, as the
sole general partner of, and on behalf of, the Guarantor of the Guaranty
Agreement and each of the other Credit Documents to which the Guarantor is a
party in accordance with the terms thereof will not (a) violate any provision of
the limited liability company agreement of the General Partner, the partnership
agreement of the Guarantor or the other organizational documents of the General
Partner or the Guarantor, respectively, (b) violate any law or regulation
applicable to the General Partner or the Guarantor or any order of any
Governmental Authority to which the General Partner or the Guarantor is subject,
(c) except for the Existing $350,000,000 Chase Credit Facility, violate or
result in a default under any material indenture, material agreement or other
material instrument binding upon the Guarantor or any of its assets, or (d)
result in, or require, the creation or imposition of any Lien on the Guarantor's
properties or revenues that is prohibited by any of the Credit Documents or any
material indenture, material agreement or other material instrument binding upon
the Guarantor or any of its assets.
6. No approvals or consents of any Governmental Authority or other consents
or approvals by any other Person which have not been obtained on or prior to the
date hereof are required in connection with (a) the participation by the
Borrower or the Guarantor in the transactions contemplated by the Credit
Agreement and the other Credit Documents, (b) the execution, delivery and
performance by the Borrower of the Credit Agreement or any of the other Credit
Documents to which it is a party or (c) the execution, delivery and performance
by the Guarantor of the Guaranty Agreement or any of the other Credit Documents
to which it is a party
7. No litigation, investigation or proceeding of or before any arbitrator
or Governmental Authority is pending or, to the best of my knowledge, threatened
by or against or affecting the Borrower or the Guarantor (a) with respect to any
of the Credit Documents or the Transactions or (b) which, if adversely
determined, could reasonably be expected, individually or in the aggregate, to
have Material Adverse Effect.
-3-
8. The making of the Revolving Loans to the Borrower will not violate
Section 7 of the Securities Exchange Act of 1934, as amended, or any regulation
issued pursuant thereto, including without limitation, the provisions of
Regulations U or X of the Board of Governors of the Federal Reserve System.
9. Neither the Borrower nor the Guarantor is (a) an "investment company",
or a company "controlled" by an "investment company", within the meaning of the
Investment Company Act of 1940, as amended or (b) is subject to regulation under
any federal or Texas statute or regulation which limits its ability to incur
indebtedness.
10. Except for instances covered by Section 35.51(e) and Section
35.51(f)(1), (2) or (4) of the Texas Uniform Commercial Code, as amended, the
courts of the State of Texas, and the courts of the United States of America
sitting in the State of Texas, would, assuming that the applicable issues were
properly brought before such courts and such courts were to apply existing law,
enforce the provisions contained in the Credit Documents which stipulate that
the validity, construction and enforceability of such Credit Documents shall be
construed and enforced in accordance with, and governed by, the law of the State
of New York.
This opinion is subject to, and qualified in all respects by, with your
permission, the following:
A. I have not been called upon to, and accordingly do not, express any
opinion as to the various state and federal laws regulating banks or the conduct
of their business that may relate to the Credit Documents and the transactions
provided for therein.
B. The enforceability of the Credit Documents may be limited by (a) the
application of general principles of equity (regardless of whether such
enforceability is considered in a proceeding in equity or at law), (b) the
refusal of a particular court to grant equitable remedies including, but without
limiting the generality of the foregoing, specific performance and injunctive
relief, (c) the judicial imposition of an implied covenant of good faith and (d)
bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or
other laws affecting the rights of creditors generally. The enforceability of
the indemnity provisions contained in certain of the Credit Documents may be
limited by considerations of public policy or to the extent claims therefor
arise under any applicable securities laws.
C. The opinions in paragraphs 3, 4 and 5 herein are based, in part, upon
the assumption
(i) I have assumed that Article 5069-1H of the Texas Revised Civil
Statutes is or would be applicable to the Loans and that such statute is
constitutional and will be upheld by the courts of Texas. I advise you that
I am not aware of any reported case applying Texas law that has held such
statute unconstitutional or questioned its constitutionality, and I know of
no reason why such statute would be held unconstitutional.
(ii) I have assumed that each and every usury savings clause contained
in the Credit Documents will govern and control and will be given effect by
any court of competent jurisdiction so as to be valid, binding, and
enforceable in accordance with its terms.
-4-
(iii) No opinion or advice is being given as to actions of the
Administrative Agent or any Lender in charging or receiving interest after
the date of execution and delivery of the Credit Documents. I have been
requested, and I am rendering, an opinion only that the Credit Documents,
as executed and delivered by the Borrower, are not contractually usurious
under Texas law.
(iv) I have assumed that no other fees, sums, charges, points, or
other forms of payment or benefits, whether direct or indirect, which
constitute interest under applicable law, have been paid or received or
are, or may be, payable to or receivable by any Lender (in such Lender's
capacity as an agent, a Lender or otherwise) or any of its affiliates
except as expressly set forth in the Credit Documents or in certain fee
agreements among the Borrower and/or the Guarantor and the Administrative
Agent, an Affiliate thereof, The Chase Manhattan Bank and an Affiliate
thereof.
D. I express no opinion as to the validity or enforceability of any of the
following types of provisions in any of the Credit Documents: (i) provisions
purporting to grant self-help remedies; (ii) provisions relating to the waiver
of various rights or remedies by the Borrower or the Guarantor; (iii) provisions
relating to subrogation rights, suretyship, delay or omission of enforcement of
rights or remedies, severability of individual provisions of the Credit
Documents from other provisions of such documents, waivers or ratification of
future acts, powers of attorney, indemnification (specifically as it relates to
the indemnification of a third party for such third party's negligence or an
indemnification which is against public policy with respect to breaches of
environmental laws), consent judgments, marshalling of assets, or sales in
inverse order of alienation; (iv) provisions purporting to authorize the
Administrative Agent or any Lender to collect and escrow or reserve sums of
money without paying interest thereon; (v) provisions purporting to revive the
Credit Documents after their termination or expiration other than any provision
of any Credit Document with respect to which such Credit Document expressly
provides that such provision shall survive any such termination or expiration;
(vi) provisions relating to set-offs against deposits; (vii) provisions
purporting to authorize conclusive determinations; and (viii) provisions
purporting to establish as to third parties nonculpability for acts of any
party. In addition, in my opinion, certain other applicable laws and court
decisions may limit the validity of, or render unenforceable certain provisions
of the Credit Documents; provided, however, that such laws and court decisions
should not render any of the Credit Documents, taken as a whole, inadequate for
the practical realization of the benefits and security afforded thereby except
for the economic consequences of any delay or excess costs of proceedings which
may result therefrom.
E. All statements in this opinion which are stated "to my knowledge" are
based, to the extent I have deemed proper, solely upon reasonable inquiries of
an officer or representative of the Partners. Although I have not independently
verified the accuracy of the statements, I have discussed the statements with
the individuals making them, and I have no reason to believe that any such
statement is untrue or inaccurate in any material respect.
This opinion is limited to matters stated herein and no opinion is implied
or may be inferred beyond the matters expressly stated. I disclaim any
obligation to up-date this opinion or to advise you of any changes in any of the
opinions or other matters set forth herein.
-5-
This opinion is being furnished only to, and is solely for the benefit of,
the addressees and the Lenders which are parties to the Credit Agreement on the
date hereof and their respective permitted assigns (each of which Lenders which
are parties to the Credit Agreement on the date hereof and their respective
permitted assigns may rely upon this opinion as of the date hereof). This
opinion may not be used, circulated, quoted, relied upon or otherwise referred
to by any other person or entity or for any other purpose without my prior
written consent.
Very truly yours,
Xxxxxxx X. Xxxxxxxx
Executive Vice President and
Chief Legal Officer
-6-
EXHIBIT F
FORM OF COMPLIANCE CERTIFICATE
The undersigned hereby certifies that he is the _______________________
of ENTERPRISE PRODUCTS GP, LLC, a Delaware limited liability company, general
partner of ENTERPRISE PRODUCTS OPERATING L.P., a Delaware limited partnership
(the "Borrower"), and that as such he is authorized to execute this certificate
on behalf of the Borrower. With reference to the Credit Agreement dated as of
November ___, 2000 (as restated, amended, modified, supplemented and in effect
from time to time, the "Agreement"), among the Borrower, the Syndication Agent,
the Documentation Agent and First Union National Bank, as Administrative Agent,
for the lenders (the "Lenders"), which are or become a party thereto, and such
Lenders, the undersigned represents and warrants as follows (each capitalized
term used herein having the same meaning given to it in the Agreement unless
otherwise specified);
(a) [There currently does not exist any Default under the
Agreement.] [Attached hereto is a schedule specifying the details of
[a] certain Default[s] which exist under the Agreement and the action
taken or proposed to be taken with respect thereto.]
(b) Attached hereto are the detailed computations necessary to
determine whether the Borrower is in compliance with Sections 6.07(a)
and (b) of the Agreement as of the end of the [fiscal quarter][fiscal
year] ending ________________.
EXECUTED AND DELIVERED this ____ day of _________________, 20__.
ENTERPRISE PRODUCTS OPERATING L.P.
By: Enterprise Products GP, LLC, its General Partner
By:
Name:
Title:
F-1
EXHIBIT G
FORM OF
REVOLVING LOAN NOTE
(Multi-Year Credit Facility)
$_____________ _______, 2000
ENTERPRISE PRODUCTS OPERATING L.P., a Delaware limited partnership (the
"Borrower"), for value received, promises and agrees to pay to
______________________________ (the "Lender"), or order, at the payment office
of FIRST UNION NATIONAL BANK, as Administrative Agent, at 000 Xxxxx Xxxxxxx
Xxxxxx, Xxxxxxxxx, Xxxxx Xxxxxxxx 00000-0000, the principal sum of
______________________________ AND NO/100 DOLLARS ($_____________), or such
lesser amount as shall equal the aggregate unpaid principal amount of the
Revolving Loans owed to the Lender under the Credit Agreement, as hereafter
defined, in lawful money of the United States of America and in immediately
available funds, on the dates and in the principal amounts provided in the
Credit Agreement, and to pay interest on the unpaid principal amount as provided
in the Credit Agreement for such Revolving Loans, at such office, in like money
and funds, for the period commencing on the date of each such Revolving Loan
until such Revolving Loan shall be paid in full, at the rates per annum and on
the dates provided in the Credit Agreement.
This note evidences the Revolving Loans owed to the Lender under that
certain Credit Agreement dated as of November 17, 2000, by and among the
Borrower, First Union National Bank, individually, as Administrative Agent,
Issuing Bank and Swingline Lender, The Chase Manhattan Bank, individually and as
Syndication Agent, Bank One, NA, individually and as Documentation Agent, and
the other financial institutions parties thereto (including the Lender) (such
Credit Agreement, together with all amendments or supplements thereto, being the
"Credit Agreement"), and shall be governed by the Credit Agreement. Capitalized
terms used in this note and not defined in this note, but which are defined in
the Credit Agreement, have the respective meanings herein as are assigned to
them in the Credit Agreement.
The Lender is hereby authorized by the Borrower to endorse on Schedule
A (or a continuation thereof) attached to this note, the Type of each Revolving
Loan owed to the Lender, the amount and date of each payment or prepayment of
principal of each such Revolving Loan received by the Lender and the Interest
Periods and interest rates applicable to each Revolving Loan, provided that any
failure by the Lender to make any such endorsement shall not affect the
obligations of the Borrower under the Credit Agreement or under this note in
respect of such Revolving Loans.
This note may be held by the Lender for the account of its applicable
lending office and, except as otherwise provided in the Credit Agreement, may be
transferred from one lending office of the Lender to another lending office of
the Lender from time to time as the Lender may determine.
Except only for any notices which are specifically required by the
Credit Agreement, the Borrower and any and all co-makers, endorsers, guarantors
and sureties severally waive notice (including but not limited to notice of
intent to accelerate and notice of acceleration, notice of protest and notice of
dishonor), demand, presentment for payment, protest, diligence in collecting and
the filing of suit for the purpose of fixing liability, and consent that the
time of payment hereof may be extended and re-extended from time to time without
G-1
notice to any of them. Each such person agrees that his, her or its liability on
or with respect to this note shall not be affected by any release of or change
in any guaranty or security at any time existing or by any failure to perfect or
maintain perfection of any lien against or security interest in any such
security or the partial or complete unenforceability of any guaranty or other
surety obligation, in each case in whole or in part, with or without notice and
before or after maturity.
The Credit Agreement provides for the acceleration of the maturity of
this note upon the occurrence of certain events and for prepayment of Revolving
Loans upon the terms and conditions specified therein. Reference is made to the
Credit Agreement for all other pertinent purposes.
This note is issued pursuant to and is entitled to the benefits of the
Credit Agreement.
It is hereby understood and agreed that Enterprise Products GP, LLC,
the general partner of the Borrower, shall have no personal liability, as
general partner or otherwise, for the payment of any amount owing or to be owing
hereunder.
THIS NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE
LAW OF THE STATE OF NEW YORK AND THE UNITED STATES OF AMERICA FROM TIME TO TIME
IN EFFECT.
ENTERPRISE PRODUCTS OPERATING L.P.
By: Enterprise Products GP, LLC, General Partner
By:
-
Name: _______________________
Title: ________________________
G-2
SCHEDULE A
TO
REVOLVING LOAN NOTE
This note evidences the Revolving Loans owed to the Lender under the Credit
Agreement, in the principal amount set forth below and the applicable Interest
Periods and rates for each such Revolving Loan, subject to the payments of
principal set forth below:
SCHEDULE
OF
REVOLVING LOANS AND PAYMENTS OF PRINCIPAL AND INTEREST
Balance
Principal Amount of of
Amount of Principal Notation
Interest Revolving Paid or Interest Revolving Made
Date Period Rate Loan Prepaid Paid Loans by
---- ------ ----- ---------- ----------- ------------- ----- -------
---- ------ ----- ---------- -------- --------- -------- -------
---- ------ ----- ---------- -------- --------- -------- -------
---- ------ ----- ---------- -------- --------- -------- -------
---- ------ ----- ---------- -------- --------- -------- -------
---- ------ ----- ---------- -------- --------- -------- -------
---- ------ ----- ---------- -------- --------- -------- -------
---- ------ ----- ---------- -------- --------- -------- -------
---- ------ ----- ---------- -------- --------- -------- -------
G-3
EXHIBIT H
FORM OF
COMPETITIVE LOAN NOTE
(Multi-Year Credit Facility)
$_____________ _______, 2000
ENTERPRISE PRODUCTS OPERATING L.P., a Delaware limited partnership
(the "Borrower"), for value received, promises and agrees to pay to
______________________________ (the "Lender"), or order, at the payment office
of FIRST UNION NATIONAL BANK, as Administrative Agent, at 000 Xxxxx Xxxxxxx
Xxxxxx, Xxxxxxxxx, Xxxxx Xxxxxxxx 00000-0000, the principal sum of
______________________________ AND NO/100 DOLLARS ($_____________), or such
lesser amount as shall equal the aggregate unpaid principal amount of the
Competitive Loans owed to the Lender under the Credit Agreement, as hereafter
defined, in lawful money of the United States of America and in immediately
available funds, on the dates and in the principal amounts provided in the
Credit Agreement, and to pay interest on the unpaid principal amount as provided
in the Credit Agreement for such Competitive Loans, at such office, in like
money and funds, for the period commencing on the date of each such Competitive
Loan until such Competitive Loan shall be paid in full, at the rates per annum
and on the dates provided in the Credit Agreement.
This note evidences the Competitive Loans owed to the Lender under
that certain Credit Agreement dated as of November 17, 2000, by and among the
Borrower, First Union National Bank, individually, as Administrative Agent,
Issuing Bank and Swingline Lender, The Chase Manhattan Bank, individually and as
Syndication Agent, Bank One, NA, individually and as Documentation Agent, and
the other financial institutions parties thereto (including the Lender) (such
Credit Agreement, together with all amendments or supplements thereto, being the
"Credit Agreement"), and shall be governed by the Credit Agreement. Capitalized
terms used in this note and not defined in this note, but which are defined in
the Credit Agreement, have the respective meanings herein as are assigned to
them in the Credit Agreement.
The Lender is hereby authorized by the Borrower to endorse on
Schedule A (or a continuation thereof) attached to this note, the Type of each
Competitive Loan owed to the Lender, the amount and date of each payment or
prepayment of principal of each such Competitive Loan received by the Lender and
the Interest Periods and interest rates applicable to each Competitive Loan,
provided that any failure by the Lender to make any such endorsement shall not
affect the obligations of the Borrower under the Credit Agreement or under this
note in respect of such Competitive Loans.
This note may be held by the Lender for the account of its applicable
lending office and, except as otherwise provided in the Credit Agreement, may be
transferred from one lending office of the Lender to another lending office of
the Lender from time to time as the Lender may determine.
Except only for any notices which are specifically required by the
Credit Agreement, the Borrower and any and all co-makers, endorsers, guarantors
and sureties severally waive notice (including but not limited to notice of
intent to accelerate and notice of acceleration, notice of protest and notice of
dishonor), demand, presentment for payment, protest, diligence in collecting and
the filing of suit for the purpose of fixing liability, and consent that the
time of payment hereof may be extended and re-extended from time to time without
H-1
notice to any of them. Each such person agrees that his, her or its liability on
or with respect to this note shall not be affected by any release of or change
in any guaranty or security at any time existing or by any failure to perfect or
maintain perfection of any lien against or security interest in any such
security or the partial or complete unenforceability of any guaranty or other
surety obligation, in each case in whole or in part, with or without notice and
before or after maturity.
The Credit Agreement provides for the acceleration of the maturity of
this note upon the occurrence of certain events and for prepayment of
Competitive Loans upon the terms and conditions specified therein. Reference is
made to the Credit Agreement for all other pertinent purposes.
This note is issued pursuant to and is entitled to the benefits of
the Credit Agreement.
It is hereby understood and agreed that Enterprise Products GP, LLC,
the general partner of the Borrower, shall have no personal liability, as
general partner or otherwise, for the payment of any amount owing or to be owing
hereunder.
THIS NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY
THE LAW OF THE STATE OF NEW YORK AND THE UNITED STATES OF AMERICA FROM TIME TO
TIME IN EFFECT.
ENTERPRISE PRODUCTS OPERATING L.P.
By: Enterprise Products GP, LLC, General Partner
By:
Name: _______________________
Title: ________________________
H-2
SCHEDULE A
TO
COMPETITIVE LOAN NOTE
This note evidences the Competitive Loans owed to the Lender under the Credit
Agreement, in the principal amount set forth below and the applicable Interest
Periods and rates for each such Competitive Loan, subject to the payments of
principal set forth below:
SCHEDULE
OF
COMPETITIVE LOANS AND PAYMENTS OF PRINCIPAL AND INTEREST
Balance
Principal Amount of of
Amount of Principal Notation
Interest Competitive Paid or Interest Competitive Made
Date Period Rate Loan Prepaid Paid Loans by
---- ------ ----- ---------- ----------- ------------- ---------- -------
---- ------ ----- ---------- -------- --------- -------- -------
---- ------ ----- ---------- -------- --------- -------- -------
---- ------ ----- ---------- -------- --------- -------- -------
---- ------ ----- ---------- -------- --------- -------- -------
---- ------ ----- ---------- -------- --------- -------- -------
---- ------ ----- ---------- -------- --------- -------- -------
---- ------ ----- ---------- -------- --------- -------- -------
---- ------ ----- ---------- -------- --------- -------- -------
---- ------ ----- ---------- -------- --------- -------- -------
H-3
EXHIBIT I
FORM OF
SWINGLINE LOAN NOTE
(Multi-Year Credit Facility)
$20,000,000.00 _______, 2000
ENTERPRISE PRODUCTS OPERATING L.P., a Delaware limited partnership
(the "Borrower"), for value received, promises and agrees to pay to FIRST UNION
NATIONAL BANK, as Swingline Lender under the Credit Agreement, as hereafter
defined (the "Swingline Lender"), or order, at the payment office of FIRST UNION
NATIONAL BANK, as Administrative Agent, at 000 Xxxxx Xxxxxxx Xxxxxx, Xxxxxxxxx,
Xxxxx Xxxxxxxx 00000-0000, the principal sum of TWENTY MILLION AND NO/100
DOLLARS ($20,000,000.00), or such lesser amount as shall equal the aggregate
unpaid principal amount of the Swingline Loans owed to the Swingline Lender
under the Credit Agreement, in lawful money of the United States of America and
in immediately available funds, on the dates and in the principal amounts
provided in the Credit Agreement, and to pay interest on the unpaid principal
amount as provided in the Credit Agreement for such Swingline Loans, at such
office, in like money and funds, for the period commencing on the date of each
such Swingline Loan until such Swingline Loan shall be paid in full, at the
rates per annum and on the dates provided in the Credit Agreement.
This note evidences the Swingline Loans owed to the Swingline Lender
under that certain Credit Agreement dated as of November 17, 2000, by and among
the Borrower, First Union National Bank, individually, as Administrative Agent,
Issuing Bank and Swingline Lender, The Chase Manhattan Bank, individually and as
Syndication Agent, Bank One, NA, individually and as Documentation Agent, and
the other financial institutions parties thereto (such Credit Agreement,
together with all amendments or supplements thereto, being the "Credit
Agreement"), and shall be governed by the Credit Agreement. Capitalized terms
used in this note and not defined in this note, but which are defined in the
Credit Agreement, have the respective meanings herein as are assigned to them in
the Credit Agreement.
The Swingline Lender is hereby authorized by the Borrower to endorse
on Schedule A (or a continuation thereof) attached to this note, the amount and
date of each payment or prepayment of principal of each such Swingline Loan
received by the Swingline Lender, provided that any failure by the Swingline
Lender to make any such endorsement shall not affect the obligations of the
Borrower under the Credit Agreement or under this note in respect of such
Swingline Loans.
This note may be held by the Swingline Lender for the account of its
applicable lending office and, except as otherwise provided in the Credit
Agreement, may be transferred from one lending office of the Swingline Lender to
another lending office of the Swingline Lender from time to time as the
Swingline Lender may determine.
Except only for any notices which are specifically required by the
Credit Agreement, the Borrower and any and all co-makers, endorsers, guarantors
and sureties severally waive notice (including but not limited to notice of
intent to accelerate and notice of acceleration, notice of protest and notice of
dishonor), demand, presentment for payment, protest, diligence in collecting and
the filing of suit for the purpose of fixing liability, and consent that the
time of payment hereof may be extended and re-extended from time to time without
notice to any of them. Each such person agrees that his, her or its liability on
I-1
or with respect to this note shall not be affected by any release of or change
in any guaranty or security at any time existing or by any failure to perfect or
maintain perfection of any lien against or security interest in any such
security or the partial or complete unenforceability of any guaranty or other
surety obligation, in each case in whole or in part, with or without notice and
before or after maturity.
The Credit Agreement provides for the acceleration of the maturity of
this note upon the occurrence of certain events and for prepayment of Swingline
Loans upon the terms and conditions specified therein. Reference is made to the
Credit Agreement for all other pertinent purposes.
This note is issued pursuant to and is entitled to the benefits of
the Credit Agreement.
It is hereby understood and agreed that Enterprise Products GP, LLC,
the general partner of the Borrower, shall have no personal liability, as
general partner or otherwise, for the payment of any amount owing or to be owing
hereunder.
THIS NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY
THE LAW OF THE STATE OF NEW YORK AND THE UNITED STATES OF AMERICA FROM TIME TO
TIME IN EFFECT.
ENTERPRISE PRODUCTS OPERATING L.P.
By: Enterprise Products GP, LLC, General Partner
By:
Name: _______________________
Title: ________________________
I-2
SCHEDULE A
TO
SWINGLINE LOAN NOTE
This note evidences the Swingline Loans owed to the Lender under the Credit
Agreement, in the principal amount set forth below, subject to the payments of
principal set forth below:
SCHEDULE
OF
SWINGLINE LOANS AND PAYMENTS OF PRINCIPAL AND INTEREST
Balance
Principal Amount of of
Amount of Principal Notation
Swingline Paid or Interest Swingline Made
Date Loan Prepaid Paid Loans by
---- ---------- ----------- ------------- ----- -----------
---- ------ ----- ---------- -------- --------- -------- -------
---- ------ ----- ---------- -------- --------- -------- -------
---- ------ ----- ---------- -------- --------- -------- -------
---- ------ ----- ---------- -------- --------- -------- -------
---- ------ ----- ---------- -------- --------- -------- -------
---- ------ ----- ---------- -------- --------- -------- -------
---- ------ ----- ---------- -------- --------- -------- -------
---- ------ ----- ---------- -------- --------- -------- -------
---- ------ ----- ---------- -------- --------- -------- -------
